Blockmate Ventures and Hivello forge ahead in decentralised networks with latest capital raising

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By Colin Hay - 
Blockmate Ventures TSXV MATE Hivello decentralised networks DePIN Web3

International innovative investment firm Blockmate Ventures (TSX-V: MATE) is celebrating a successful capital raising by its investee firm Hivello Holdings.

Hivello, a leading developer of decentralised physical infrastructure networks (DePIN), has attracted an additional US$1.5 million in funding after receiving strong interest from investors following the announcement of a US$1m raising in December 2023.

Blockmate chief executive officer Justin Rosenberg said there was overwhelming interest in the latest raise.

Of the additional US$1.5m, US$1m was raised at a pre-money valuation of around US$9m, an 80% premium to the round that closed in December 2023.

Once converted, the post-money implied valuation of Blockmate’s 67% stake is US$6.7m or 8.1 cents per Blockmate share

New funds interest

“We are thrilled to see strong interest from new funds joining us at the table,” Mr Rosenberg said.

“Expanding the funding round to accommodate large investors in the Web3 space is a testament to Hivello’s management team who have a vision to position Hivello on the global stage of DePIN services.”

Blockmate created Hivello after it discovered the opportunity to leverage under-utilised computing power around the world to create an innovative DePIN network while providing internet users with a platform to generate passive income.

Hivello capital raising

US$1.5m raised in the December 2023 investment round, an additional US$1m was raised at the beginning of 2024.

Hivello an application that pays passive income to users that contribute resources such as hard disk space, bandwidth, or computer processing power to decentralised Web3 projects.

Blockmate chair and co-founder of Hivello Domenic Carosa said the significant surge in demand from investors has confirmed the pressing need for accessible decentralised DePIN infrastructure.

Platform bolstering continues

“The decision to upsize our round allows us to accelerate our mission and bolster our platform ahead of schedule. We are honoured by the commitment shown by both new and returning investors who share our vision for the future of DePIN,” Mr Carosa stated in the press release.

Ken Seiff, managing partner of Blockchange Ventures, said the additional funds will enable Hivello to expand its technological capabilities, expedite product development and strengthen its market position as a leader in DePIN services.

“We live in a world where our most expensive assets are not always fully utilised,” Mr Seiff said.

“The internet helped us optimise our cars and our homes – but much more can be done. The blockchain is ideally suited to utilise the massive number of computers across the globe.”

“Working together, these machines can rival the largest cloud providers, allowing owners to monetise without any of the capital expenditure.”

“We are excited to back the great founders of Hivello, which is helping owners generate and optimise revenue by redirecting computation and other digital resources to its highest and best-use case.”

“This funding round, both original and extended, showcases the high conviction investors have in Hivello’s team and the DePIN industry’s potential,” he added.

“As Hivello prepares for an eventful year following its successful technology launch, the company is well-positioned to make a significant impact on the global stage of decentralised services.”

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