SafeChain, an Ohio-based company with a vision of using Blockchain technology to facilitate 30-second real estate transactions, has secured $3 million in funding, the company announced.
SafeChain said the funding is being provided by NCT Ventures, Revolution’s Rise of the Rest Seed Fund, Aspect Ventures, Precursor Ventures, Pete Kight (founder of Check Free), Social Capital, Rev1 Ventures, Loud Capital, and Fintech71. In all, the company said funding is being provided by investors from Ohio, Illinois, Washington D.C., New York and California.
“We're excited about the strength of the syndicate and believe being able to choose our partners offers us a unique advantage in the market,” SafeChain CEO Tony Franco said in a release. “We know we've just made it to the starting line and now the real work begins.”
SafeChain said it won the Rise of the Rest pitch competition by Revolution, an investment firm led by AOL co-founder, Steve Case and best-selling author JD Vance.
“We are proud to partner with other national and regional investors to support SafeChain. It’s incredibly exciting to see promising and disruptive ideas come out of areas that are underserved by the venture community,” Case said. “Blockchain is set to revolutionize many sectors of business and SafeChain is leading out of the Midwest.”
SafeChain said it will use the funds to expand its sales team, develop additional products, and execute on customer partnerships. In 2018, the company plans to launch a title industry consensus group to explore technical challenges related to Blockchain.
“SafeChain’s intellectual approach paired with a world-class development team positions them well to execute and deploy Blockchain technology towards a valuable use case,” said Calvin Cooper of NCT Ventures. “We’re excited to support Tony and his team as they partner with the title industry to transform how real estate is bought and sold.”