Blockmate Investee Hivello Successfully Raises USD$1M

TORONTO, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”), an innovative investment firm in the blockchain technology space, proudly announces that its 100% owned subsidiary, Hivello Holdings, has successfully completed a USD$1 million capital raise. This Simple Agreement for Future Equity (SAFE) instrument fundraising round places a pre-money valuation cap on Hivello at USD$5 million. Consequently once converted, the post-money valuation of Blockmate’s stake is an estimated USD$4 million (CAD 5.3 million).

Justin Rosenberg, CEO of Blockmate Ventures, commented, “We are thrilled to now have a cap table with leading investors in the Decentralized Physical Infrastructure Networks (DePIN) sector such as NGC Ventures, Blockchain Founders Fund, Side Door Ventures, IDG, Bing Ventures, MEXC Exchange, XT.com Exchange, Genesis Block, and NxGen. The successful capital raise by Hivello is a significant validation of our investment strategy and Blockmate’s ability to recognize and nurture potential within the blockchain industry. The value of our stake alone is higher than our entire market cap, providing an excellent opportunity for investors.”

This is the first external raise for a venture built by Blockmate and is a testament to Blockmate’s commitment to building solutions within fast growing sectors with positive global impact. Blockmate decided to build Hivello when it discovered the opportunity to leverage underutilized computing power around the world to create an innovative DePIN network, while providing internet users with a platform to generate passive income.

Below is the press release from Hivello Holdings detailing its recent capital raise.

Hivello, Led by Pioneers of Blockchain Payment Solutions, Secures USD$1M to Democratize DePIN

Amsterdam/London, 14 December 2023, Hivello, an innovative leader in the Decentralized Physical Infrastructure Networks (DePIN) sector, proudly announces the successful closure of a USD$1million pre-seed investment round. This strategic investment is bolstered by the backing of industry visionaries such as NGC, Blockchain Founders Fund, Side Door Ventures, IDG, Bing Ventures, MEXC Exchange, XT.com Exchange, Genesis Block, and NxGen.

At the helm of Hivello are Domenic Carosa and Andrew Smith, co-founders of Banxa Holdings Inc. – a regulated payment entity listed on the Toronto Stock Exchange (TSX.v) renowned for its blockchain payment solutions. Leveraging their extensive experience, they are now focused on building a new wave of decentralized infrastructure with Hivello.