Factom Inc, the for-profit entity seeking to facilitate commercial business on Factom, has raised $400,000 in new seed funding. Kuala Innovations has purchased a 3.64% stake in the company for 400,000 $1 shares, bringing the total pre-money valuation to $11 million.
Kuala’s executive director, Jim Mellon, reported the board’s view that Factom will increase in value following their Series A funding in the first half of 2016. The company expects an increase in sales, a wide developer network integrating additional apps, and large client wins to be on the cards. Kuala believes Factom can revolutionize how companies store and process data
Previous funding has come in the form of crowdsales and private sales. In April Factom sold around $540,000 worth of Factoid tokens in its crowdsale, with 1,500 sales to private investors. Factom Inc raised $1.1 million in an equity crowdsale in July.
Kuala previously also funded SatoshiPay, bitcoin micropayments startup, with €160,000 ($183,000) last December.
Blockchain investment firm Coinsilium, investor in both SatoshiPay and Factom, facilitated both of the investments by Kuala.
Kuala is registered in Guernsey and is listed on the UK’s AIM Stock Market.