Launched in 2014 by Overstock.com, Inc., Medici Ventures is a wholly owned subsidiary of the company tasked with overseeing its investments in firms advancing blockchain technology while providing guidance along the way.
Based in Utah, Medici Ventures advocates for the democratization of capital (to ensure everyone equal access to local, national and global markets), the elimination of middlemen (to make transactions cheaper and more efficient) and the “rehumanizing of commerce” (to ensure direct communication between parties)through the use of blockchain technology.
The firm’s investment portfolio includes tZero, Bitt, Spera, PeerNova and GrainChain. In 2018, Medici Ventures made an investment in VinX, a blockchain startup aimed at developing a supply-chain platform to trade wine futures (purchasing wine early while the wine is still in the barrel) aimed at cutting a growing number of fake wines in the world.
In 2019, the firm led a $7 million Series A funding round for a blockchain-based voting platform, Voatz. The app allows users to vote in various elections using a secure device. In 2019, Medici purchased a 5.1 percent equity stake in blockchain banking startup Bankorus, a company that aims to offer a platform through which individuals and businesses can buy, sell, store and lend their digital assets securely.
In 2018, Medici partnered with the Zambian government to build a land title registry on the blockchain, called Medici Land Governance. This venture is aimed at collecting and securing property ownership information in Zambia using blockchain technology.