Overstock.com, Inc. (NASDAQ:OSTK), a primary on the web home furniture and dwelling furnishings retailer, announced that it participated in a funding spherical for GrainChain, Inc. (GrainChain), a Medici Ventures, L.P. portfolio organization. Overstock participated alongside other buyers including Pelion Enterprise Partners, that invested from its major fund.
“GrainChain has found remarkable progress as Pelion has turn out to be a lot more associated,” explained Overstock CEO Jonathan Johnson. “With its differentiated engineering, we hope GrainChain to turn into a sector chief in the AgTech room. This new up-spherical of investment decision will support the company’s attempts to further improve. Our stick to-on expense of $10 million will allow Overstock and its shareholders to participate in the extensive-phrase good results of GrainChain. I am pleased that the Pelion team carries on to demonstrate its knowledge in advancing the Medici Ventures portfolio firms.”
“GrainChain’s development has been so extraordinary that Pelion’s primary fund is investing $10 million in this round in addition to our investment by means of the Medici Ventures Fund. GrainChain will also be incorporating Pelion spouse Jeff Kearl to its Board of Directors,” explained Pelion Typical Companion and GrainChain Board member Matt Mosman. “Jeff was an early trader in organizations like Uber and Coupa, and his encounter with other hypergrowth providers will be priceless in helping guidebook GrainChain.”
“GrainChain makes use of blockchain and IoT technology to digitize the agricultural supply chain and generate an much easier, quicker, safer transaction surroundings for producers and purchasers of the finish commodity,” reported GrainChain Co-Founder & CEO Luis Macias. “We thank the Overstock and Pelion teams for the supplemental cash to guidance our continued advancement and for supporting our initiatives from the very commencing. Pelion has been an a must have associate, offering strategic guidance and connecting us with the correct sources to allow for us to concentration on our purchasers, core business enterprise and expansion.”
GrainChain Qualifications and Funding Facts
GrainChain has integrated fintech tools into its patented wise agreement resolution to aid new liquidity alternatives to farmers and provide prompt payment on supply of a commodity. This contains the means to build lien devices, deploy and handle money, include insurance policies merchandise, monitor, and monitor farming functions, and facilitate reimbursement of cash. These resources permit participants to noticeably minimize hazard as a result of the capture of serious-time, accurate info as commodities shift by way of the supply chain. Considering the fact that 2020, the corporation has grown its user foundation at a compounded rate of about 125% and revenue by almost 400%.
GrainChain lifted $29 million in a modern up-funding round. In January 2023, Overstock invested $10 million by way of a convertible promissory observe. Pelion Enterprise Partners’ principal fund also invested $10 million. Overstock initially invested in GrainChain as a result of the Medici Ventures Fund in December 2018. GrainChain is not disclosing supplemental specifics of the funding spherical.
Overstock.com, Inc. (NASDAQ:OSTK) is an on the internet home furniture and property furnishings retailer and technological innovation-concentrated innovator based mostly in Salt Lake Metropolis, Utah. Its foremost e-commerce web page sells a wide array of new dwelling items at lower costs, which include furnishings, décor, location rugs, bedding and bath, residence improvement, and additional. The online searching web-site options thousands and thousands of products that tens of tens of millions of clients check out every month. Overstock often posts info about the Corporation and other similar matters on the Newsroom and Investor Relations pages on its web site, Overstock.com.
O, Overstock.com, O.com, and Club O are registered emblems of Overstock.com, Inc. Overstock and Generating Aspiration Houses Come Accurate are trademarks of Overstock.com, Inc. Other services marks, emblems and trade names which may perhaps be referred to herein are the residence of their respective entrepreneurs.
Cautionary Note Pertaining to Forward-Seeking Statements
This push release has certain ahead-searching statements within just the indicating of Segment 27A of the Securities Act of 1933 and Area 21E of the Securities Trade Act of 1934. These forward-searching statements include all statements other than statements of historic simple fact, which include but not confined to statements pertaining to investments, use of invested money, and future performance. More info about things that could materially have an impact on benefits and the precision of the forward-looking statements contained herein could be discovered in the Company’s Yearly Report on Form 10-K for the fiscal 12 months finished December 31, 2021, which was filed with the SEC on February 25, 2022, our Kind 10-Q for the quarter ended March 31, 2022, which was filed with the SEC on May perhaps 4, 2022, our Sort 10-Q for the quarter finished June 30, 2022, which was filed with the SEC on August 2, 2022, our Kind 10-Q for the quarter ended September 30, 2022, which was submitted with the SEC on November 1, 2022, and in our subsequent filings with the SEC.
GrainChain facilitates transactions and funding to producers by digitizing the agricultural supply chain. Founded in 2018, the firm has created a demonstrated suite of merchandise that is leveling the actively playing field for all individuals on the world agricultural supply chain. These options merge blockchain and IoT-driven engineering to develop absolutely automated and digitized workflows at each individual stage of the provide chain, giving degrees of effectiveness, transparency, traceability, dependability and liquidity never in advance of achievable. Each individual merchandise solves a specific established of troubles at the diverse levels of the offer chain developing a correct digital chain of custody from the subject to the conclusion consumer. For additional information, visit www.grainchain.com.
GrainChain is a portfolio company of Medici Ventures, L.P., a blockchain-concentrated fund. The general spouse of that fund is an entity affiliated with Pelion Venture Companions. Overstock.com, Inc. (NASDAQ:OSTK) is the sole constrained husband or wife of Medici Ventures, L.P.
Pelion Undertaking Companions is an early-stage undertaking funds company. Pelion invests in Seed and Collection A computer software corporations across the United States.