The decentralized auction Shelf.Network secured bridge financing of $600 000 from an unnamed investor. ForkLog reported this to the company’s founder Lasha Antadze.
“We cannot disclose the investor’s name at this time, but it is a publicly listed Asian automotive company,” he said.
The funds will be used to develop and expand the range of services.
The post-money valuation in the bridge round was $10 million.
Founded in 2017, Shelf.Network is building a decentralized ecosystem for international secondary car sales.
Previously the company has attracted funding from international investors and accelerators, including:
- $1.1 million from the Japanese IT giant Broadleaf;
- $1 million in investments at the Frontier Innovation Awards 2018;
- $120,000 from the Techstars accelerator;
- €50,000 at the BlockShow Europe 2018 conference;
- $10,000 from the Y Combinator accelerator and others.
In November 2020, Shelf AP’s division opened trading blockchain platform for selling used cars from Japan to Asia and Oceania.
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