Categories: Ethereum

Brickblock Raises €5 million in Funding Round Led by Finch Capital

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Blockchain company Brickblock has raised 5 million EUR in a series A funding round. The funding round was led by venture capital firm Finch Capital.

Brickblock will convert real-world assets into tokens on its blockchain. It is focused on real estate and financial derivatives which are based on real estate assets. The platform is supposed to be a tool for real estate developers and asset managers to reach investors more efficiently, as well as bring transparency to the industry.

The tokens are based on a proof-of-asset consensus system which legally entitle the holder to profits derived from the underlying asset. The tokens are exchanged via smart contracts on the Ethereum blockchain.

Its first use case will be a “residential real estate asset” in Wiesbaden, Germany.

The company was founded in 2017 and employs 25 people. Its headquarters are in Gibraltar and it has an office in Berlin. It has added a partner of Finch Capital to its board of directors as a result of the investment.

According to its website, its ICO starts tomorrow. 500 million BBK tokens are being minted, of which it will be selling 320 million, of which 145.5 million will be in active circulation. They are being sold at 60 cents each, and the sale will end in 7 days or when it makes 50 million dollars, whichever comes first.

13 percent of the tokens will go to repay early investors, and 35 percent will be held in reserve by the company. Unsold tokens will be burned.

Jakob Drzazga, co-founder and CEO of Brickblock, said: “We are excited to welcome Finch Capital to the Brickblock family. Our mission is to revolutionize the way real-world assets are bought and traded, and we are confident that Finch Capital will play a vital role in helping us realize this vision through the firm’s contacts and resources in the financial industry.”

Radboud Vlaar, Partner at Finch Capital, said: “The real estate sector is the biggest investable asset class in the world, with a value of $200 trillion USD. We have seen the mortgage and brokerage market being disrupted, and the time is now ripe to disrupt the investment and trading side. Brickblock is well suited to lead this transformation, leveraging the blockchain to reduce costs for investors up to 80% and making it a frictionless and more liquid investment asset class. We are excited to support Jakob and his team to build out Brickblock as it gets greater adoption in the months to come and establishes itself as the go-to platform for tokenized asset transactions.”

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