Blockchain start-up Blocknubie raises $5m in pre-private coin sale

2 Mar 2018

Image: Jaruwan Jaiyangyuen/Shutterstock

Blocknubie, the go-to resource for blockchain start-ups, raises dosh ahead of main initial coin offer.

Editor’s note, 3 February 2020: The funding referenced in this article was related to expressions of interest from investors, which was subsequently not converted.

Dublin-based Blocknubie has raised $5m in a private pre-sale from a diverse range of investors from the blockchain ecosystem around the world.

The company was founded by entrepreneur Loughlin Nestor with the aim of making it easier for entrepreneurs to launch blockchain ventures.

‘By the end of the year, we want to have 30 developers working across three key areas: AI, API and blockchain’

Blocknubie targets the challenges faced by entrepreneurs who wish to expand and operate in what is becoming a rapidly expanding blockchain market.

It does so through digital assets, including development tools, advisory services, API libraries, blockchain educational resources and, most importantly, the opportunity for both capital and investment.

The platform plans to enable a decentralised and fully functioning blockchain economy by introducing its own cryptocurrency in the form of NUB tokens.

Betting on blockchain

Blocknubie had set a hard cap of $5m in a private pre-sale, and that pre-sale appears to have been exceeded.

In blockchain funding rounds, there are often three or sometimes more funding rounds.

The first two sections may consist of private and public sales, before the main initial coin offer (ICO) is launched. Pre-sales are important functions so that companies can bootstrap the development of their platform and marketing prior to the main token offering.

Such was the success of the pre-private sale, the management of Blocknubie has pushed out the start date of the public pre-sale to 2 April. This is to give the team time to reach out to the large number of investors and to prepare for the public pre-sale.

“We knew we had a solid offering but, even so, the response from the blockchain and investor community has been overwhelming. We are currently contacting all who pledged contributions, and will reach out to everyone over the coming days.”

Nestor said that, all going well, the company will be in a position to hire 30 developers by the end of the year.

“This funding will ramp up our development. By the end of the year, we want to have 30 developers working across three key areas: AI, API and blockchain. Then we will be able to offer a full suite of services to start-ups wanting to get on chain.”

Blocknubie is now conducting know your customer (KYC) and anti-money laundering (AML) on the diverse range of investors from all corners of the world and from across the blockchain ecosystem.

Blocknubie said it will work with a strategic partner in the US on compliance, security and investor accreditation to formalise the process to full ICO, including setting up an approved wallet, setting out the required regulatory standards and providing a process to onboard contributors.

“The feedback and popularity of our private pre-sale has proven there is a gap in the blockchain ecosystem that we are addressing,” said head of investing and compliance at Blocknubie, Denis Ryan.

“Start-ups – the lifeblood of our platform – are crying out for a safe and guided way to onboard the blockchain and secure funding to bring them to the next level.

“The funding will be put to good use as we roll out our new website, hire developers and marketeers, and build our MVP. In some ways, we put up our flag too soon – in traditional VC funding routes, we would have had those already in place – but the blockchain world is moving much too fast to have to wait. The interest is proof of our concept.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years