Factom’s Latest Investment Sends Draper Startup $8mln Higher

Tim Draper’s Blockchain startup Factom has announced it has raised $8 mln in an extended series A funding round.

The Blockchain data storage outfit, owned by the serial cryptocurrency investor, raised the cash through a multitude of partners. These included Draper Associates, Stewart Title, Overstock, Fenbushi Capital, Plug & Play, Peeli Ventures, and Harvest Equity, Fortune reports.

The move is merely the latest is a series of rounds for Factom, which in October 2016 raised $4.2 mln.

“Factom is in the sweet spot (right place right time) where the Blockchain is mature enough and corporate clients are desperate enough to fight against the hackers making their businesses safe and transparent,” Draper commented to Cointelegraph at the time.

While the startup tried and seemingly failed to partner with the government of Honduras on a land title project in 2015, more recent partnerships appear to be faring better.

In February, a joint partnership with iSoftStone working with 80 urban areas in China on the smart cities concept appeared to inject new energy.

Draper also remains bullish on Bitcoin in his investment capacity, telling Cointelegraph in a January interview a $10,000 Bitcoin price tag may only take “another year.”

“Some people are currency traders and some are tech investors. Both should work out in the long run for Bitcoin,” he said.