Ubitquity Crowdfund a Landmark Event for SeedInvest Post-Circle Acquisition
With the recent acquisition of crowdfunding platform SeedInvest by Circle, blockchain recordkeeping company Ubitquity has become the first blockchain company to run a side-by-side funding campaign on the post-acquisition SeedInvest platform. Launched in April 2019, Ubitquity’s funding campaign is fully-underway, having raised $81,000 USD at press time.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Ubitquity Chooses SeedInvest Over ICO to Ensure Legitimacy
According to press material provided to Bitsonline, Ubitquity decided to forego a number of investment opportunities from boutique venture capital firms in favor of a less traditional fundraising format.
However, the company also decided against having an ICO due to the regulatory risk involved in a token sale. Therefore, the firm went with SeedInvest, a crowdfunding platform that enables companies to raise money from both accredited investors and public contributors via the 2015 JOBS Act.
“We are choosing this legal method over something sketchy like an ICO because, in the end, it will be more profitable to try and play by the rules and work with regulators,” Ubitquity COO Sam Tannian-Reynolds told Bitsonline.
Since SeedInvest allows startups to raise funds from both accredited investors and average people, the Ubitquity campaign is known as a “side-by-side” listing.
Furthermore, the firm’s campaign makes it the first blockchain company to list such a side-by-side investment round on SeedInvest since financial services provider Circle acquired the crowdfunding platform.
Founded in 2015, Ubitquity began as a blockchain-based land registry platform. It’s goal was to use blockchain technology to make real estate registration and record keeping faster, more efficient, and more secure.
Ubitquity launched the alpha version of its platform in early 2017, and in April of that year, it conducted a pilot of its platform with the Real Estate Registry office in Brazil. In January 2018, the University of British Columbia’s blockchain research program — [email protected] — released a study analyzing the results of the pilot. The study found the pilot had been a success, providing valuable information on how the platform could be improved for future use.
After the successful pilot program, Ubitquity realized its platform could be used for much more than land registration and built it into a Software-as-a-Service API. From there, the company has gained several API clients, including Oklahoma City-based AIC Title Service and Atlanta-based Coast to Coast Title.
Images via Ubitquity, SeedInvest