BlockChyp Closes Second Funding Round
February 15, 2019
KENNEWICK, WA – February 15, 2019 – In a transaction valuing the company at 3.4 Million USD, BlockChyp closed a second round of equity financing on Friday, bringing the company’s total capital invested thus far to $600,000.
The financing came from Kennewick real estate developer Andrew Klein, whose investment will enable BlockChyp to aggressively market and scale the company in 2019.
“2018 was dedicated mostly to developing the BlockChyp platform,” said Jeffrey Payne, CTO. “Andrew’s investment comes at an exciting time, just as the product is completing certification and ISV’s begin rolling the platform out to their merchants.”
Andrew Klein made the decision to invest based on BlockChyp’s proven ability to execute on technology along with its big disruptive vision for the payments industry. “What appealed to me about BlockChyp is that it’s not just another payments company. They’ve developed what might be the industry’s most modern and advanced payments platform on a shoestring. They don’t waste investor dollars. For a fraction of what other payments companies spend, they’ve developed a viable decentralized consumer credit blockchain and charted a pragmatic strategy for getting it into the marketplace.”
BlockChyp is especially excited about the partnership with Andrew Klein as it strengthens the company’s ties with Downtown Kennewick and the Tri-Cities. Part of the transaction includes the development of new offices for BlockChyp in The Nineteen, a mixed use commercial development in historic downtown Kennewick slated for completion in the first quarter of 2020.
“BlockChyp is exactly the kind of high tech company we need to continue the revitalization efforts in Downtown Kennewick,” Klein said.
“Relocating to The Nineteen is a win win for BlockChyp,” said Payne. “A cool location with independent restaurants and a walkable downtown appeals to the kind of technical talent we need to recruit and retain . It’s something we would have looked for irrespective of Andrew’s investment.”
This transaction brings the total capital raised by BlockChyp to $600,000 USD, the vast majority of which still remains in the war chest. “This new investment really gives us a ton of runway and the dry powder we need to bring our vision to fruition,” said Payne.