Distributed Ledger Startup Grabs $100 Million In Funding

Distributed ledgers and blockchain are all the rage in the investment world right now, and DLT startup Hedera Hashgraph just made out like a bandit in their last funding round.

Hedera Hashgraph

Next-generation Distributed Ledger startup Hedera Hashgraph announced on August 1 that they had raised $100 million from several institutional and individual investors.

Hedera’s CEO and co-founder Mance Harmon says the funding will be used to complete developing and launching their network.

Harmon says the firm plans to raise $20 million more via a public initial coin offering (ICO) open only to accredited investors.

More To Come From Hedera

Mance Harmon, CEO, Hedera Hashgraph
Mance Harmon, CEO, Hedera Hashgraph

While Harmon says he couldn’t name most of the investors, he did note that Blocktower’s Ari Paul contributed, and Hedera employees chipped in with about 10 percent of the total amount raised.

The funds are earmarked for the improvement of Hedera’s public ledger, he adds, saying:

“With this funding, we will be able to accelerate development of key services to be provided by Hedera — including a cryptocurrency, file storage service, and smart contract platform — to help make it not only what we believe is the fastest and most secure public ledger available, but also the most feature-rich for developers looking to build highly decentralized apps.”

The new funding is part of the $18 million previously raised via a private token sale back in March. At the time, the firm said game developer MZ, the creator of apps such as Mobile Strike, would create apps that would run on the Hedera platform.

Interested in reading more crypto news? Head over here to our cryptocurrency news site to find out more.

Related Cryptocurrency News