Although securing private funding has proven a difficult path for many Australian tech companies, Bluechain has continued to fund its development from private and institutional sources. In doing so, Bluechain is following a path more commonly seen in Silicon Valley start-ups, in which IPO and trade sale options are pushed further down the timeline, allowing seed investors to maximize return on their investment while minimizing dilution.
This latest round of funding brings the total raised to $6.25 million, valuing the business at $46 million. The company only needs to acquire a tiny share of the trillion dollar global payments market to support a valuation of more than 10 times that value.
CEO Mike McAuley indicated to the Board that the funds would be applied to preparing the product for launch and developing a number of exciting, recent opportunities to set up domestic payment schemes with central banks in emerging economies. He also advised that another funding round, possibly with a mix of equity and debt, will be needed in 2018 as the company moves towards the IPO later in the year.