Factom has received $1.1m in new funding as part of an equity crowdsale hosted by crowdfunding service BnkToTheFuture.
Billed as a data and record keeping layer for bitcoin, Factom had offered 7.8% equity toward a $700,000 minimum investment goal to be reached by 9:39am GMT today.
The project ultimately exceeded this goal, drawing 323 investors; each providing an average contribution of roughly $3,400.
Factom Foundation chairman David Johnston credited the positive perception of the company as a key factor in the raise, telling CoinDesk:
"The community has been very supportive of Factom Inc and I believe people are encouraged to see recent in roads being made with large enterprise groups using the blockchain."
Factom had raised 2,278 BTC (then roughly $540,000) through the public sale of factoids, the transaction token for the Factom network, earlier this year. Previously, it was bootstrapped through an undisclosed network of private investors.
In March, the Factom Foundation, the community body that overseas development of the Factom protocol, relocated to London. At the time, it credited its permissive attitude toward software sales as a key factor.
The funding comes on the heels of growing interest in the Factom project from state governments and financial institutions.
For example, Factom recently partnered with the government of Honduras on a land title initiative, and serves as an informal consultant to insurance giant USAA.
Alex Marquez, managing director of corporate development at USAA, explained the relationship to CoinDesk, stating:
"Factom have given us insight and perspective on the technology, which has gone a long way toward informing the team at USAA that’s studying how blockchain might help us better serve our members."
The raise follows the debut of the project's first release candidatehttp://blog.factom.org/post/124249017699/technical-update-release-candidate-one this week, a step in the product rollout that precedes its forthcoming beta client.
Image via Factom
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.