Coinsilium Group, an accelerator that finances and manages the development of early-stage blockchain technology companies, has managed to raise over £720,000 ($960,800). The sum was raised via expenses in an oversubscribed share subscription and placement entailing the issue of 8.0 million ordinary shares of company stock.
The raised funds are the latest example of Coinsilium’s momentum heading into years’ end, having seen an eventful slate of developments and investments in 2017. In H2, the group made a strategic investment in Indorse, a developer of blockchain-powered decentralized professional networks, among other moves.
In its latest effort, Coinsilium Group saw nearly $1.0 million raised from 8.0 million ordinary shares at a price of 9 pence per share. The funds will be instrumental in helping drive the group’s development and investments heading into 2018. This includes the support and acceleration of blockchain technology companies.
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Coinsilium presently boasts a strong portfolio of investments, having already set its sights on expanding its advisory service capabilities. Indeed, this segment is facing surging demand given the broader financial industry’s embrace of blockchain technology.
Eddy Travia, Chief Executive Officer of Coinsilium, commented: “We are delighted to see the continued support of our existing shareholders and welcome new shareholders to our register. 2017 has been a transformational year for Coinsilium and we are now seeing the market beginning to recognise the true potential of blockchain technologies.”
Following the fundraising, Mr. Travia will see his stake swell to 7,373,368 shares, up from just 100,000 ordinary shares prior to the move. Malcolm Palle, the group’s chairman and co-founder, will own 7,837,021.
“This fundraising provides Coinsilium with the opportunity to deliver shareholder value from making further early stage investments in some of the most viable Blockchain opportunities as well as providing much needed advisory services to companies in the burgeoning token economy. We look forward to announcing some of the exciting new initiatives we have planned over the coming weeks,” Travia added.