BlockApps secures $41Mn to further expand into enterprise blockchain

BlockApps secures $41Mn to further expand into enterprise blockchain

U.S-based software company, BlockApps has recently raised $41 million in new funding round for continuing its expansion into the enterprise blockchain ecosystem, said its CEO and President, Kieren James-Lubin.

The recent capital raise highlights the growth and integration of blockchain technology into traditional companies.

The oversubscribed round was headed by Liberty City Ventures and new investors like Givic, Eidetic Ventures, and Morgan Creek Digital. While existing investors included Fitz Gate Ventures, Arab Angels, ConsenSys, Kenetic Capital, Bloccelerate, and PropelX.

In addition to the prior round of financing of $9 million, BlockApps has secured around $50 million in total till today. However, no public valuation has been disclosed yet.

BlockApps emphasizes on evolving applications on STRATO, its blockchain-as-a-service platform, which is well-matched with Ethereum.

James-Lubin stated that after launching the platform in 2015, the firm aimed to solve possessing all the benefits of blockchain technology and immutability, among other elements.

However, blockchain technology has innovated and advanced over the years, but is still detached from the rest of the reality other than the crypto world, said James-Lubin.

Moreover, the new funds will be leveraged to add to its go-to-market strategy, help businesses expand their ecosystem and grow its team. It is also planning to enlarge its partner program and bring more real assets to STRATO.

Real assets include titles, land and receivables, and anything on the balance sheet that doesn’t reflect the blockchain world.

James-Lubin said that the firm is trying to bring that to the blockchain as there will be so many prospects when everything is on a common ledger. The firm witnesses itself and other companies working for bridging the technology so that it can be a part of day-to-day operations of both large and small companies.

Source Credit - https://techcrunch.com/2022/04/19/ethereum-focused-blockapps-raised-41-million-to-expand-into-enterprise-blockchain-space/