Total amount raised
$20 Millions
Latest funding date
06/01/2018
Location
Hub has successfully raised $20 million in a recent funding round, attracting the attention of 14 investors, including BitFury Capital and Elysium Venture Capital. The platform focuses on creating a decentralized trust protocol, allowing users to own and manage their reputation data across the internet.
Keep reading to explore the intricacies of Hub's fundraising journey and the investors backing this innovative platform.
What Is Hub?
Hub, founded by Eric Ly on June 1, 2016, is a blockchain-based platform headquartered in Mountain View, California. The company operates with a team of 11-50 employees and focuses on decentralizing identity and reputation data.
Hub's innovative approach allows users to own and manage their reputation data across the internet, providing economic opportunities and financial freedom. The platform supports user-owned reputation data, verified and portable reputations, and incentivizes trustworthy interactions.
How Much Funding Has Hub Raised?
- Funding Round: Venture Round
- Amount Raised: $20,000,000
- Date: June 2018
- Lead Investors: BitFury Capital and 12 other investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and expand Hub Token, a blockchain protocol designed to create greater trust in online interactions, particularly in the ICO marketplace.
- Funding Round: Seed Round
- Amount Raised: $13,600,000
- Date: May 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build a digital reputational marketplace that assigns trust scores to ICOs, rewarding users with Hub tokens for accurate reviews and penalizing them for incorrect ones.
Total Amount Raised: $33,600,000. Current Valuation: Not publicly disclosed.
Key Investors
- BitFury Capital
- Details: BitFury Capital is a venture capital firm that invests in blockchain and cryptocurrency-related companies. They are known for their significant contributions to the blockchain ecosystem.
- Investment Focus Areas: Blockchain, Cryptocurrency
- Notable Investments: BitFury, Hut 8 Mining, LiquidStack
- Elysium Venture Capital
- Details: Elysium Venture Capital is a venture capital firm that invests in early-stage technology companies. They focus on fostering innovation and supporting startups with high growth potential.
- Investment Focus Areas: Early-stage technology, Fintech, AI
- Notable Investments: Not publicly disclosed
- DCVC (Data Collective)
- Details: DCVC (Data Collective) is a venture capital firm that focuses on deep tech and data-driven companies. They aim to support companies that leverage data science and engineering to solve complex problems.
- Investment Focus Areas: Deep tech, Data-driven companies, AI
- Notable Investments: Planet Labs, Rocket Lab, Zymergen
What's Next for Hub?
Hub is poised to revolutionize the ICO marketplace by creating a trust-based digital reputational system. This opportunity is vast, as the need for reliable trust scores in online interactions is critical. With a significant following on Telegram, Hub has the potential to grow rapidly by leveraging community interest.
Future fundraising efforts are likely to be successful, given the current momentum and the ongoing goal to raise an additional $6.4 million. This financial boost will enable Hub to further develop its platform and attract more users.
However, challenges such as ensuring the accuracy of trust scores and competing with existing ICO ranking sites remain. Overcoming these hurdles will be crucial for Hub's long-term success and credibility in the market.
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