Blockchain Startup Blocko Raises $8.9M USD In Series B Funding

Blockchain, Investing | June 11, 2018 By:

South Korean blockchain firm Blocko has raised $8.9 million in its Series B funding round. With the latest round, the company’s total funding to date amounts to $14 million. Investors include Samsung Venture Investment, SparkLabs Ventures and Posco Capital.

Founded in 2014, Blocko is an enterprise blockchain platform provider, specialized in general purpose blockchain platform, blockchain application, and blockchain consulting services. Its proprietary platform, Coinstack, provides essential functions for enterprise blockchain. It has successfully established blockchain-based services with many companies and institutions in Korea, including the JB Bank, Korea Exchange, Hyundai Motor, Lotte Card, and others.

The latest funding will be used to further strengthen its presence in Korea as well as in Europe and East Asian markets.

“It has been three years since Blocko was found and laid the foundation for the World’s first battle-tested blockchain,” said Won Beom Kim, the CEO and Founder of Blocko. “We have made significant progress in enterprise blockchain market through which we have gained significant competitive advantages today. We will further expand our presence into new markets.”

The company also plans to launch its ecosystem project Aergo, which will expand on the existing efforts to collaborate with open source communities to foster the growth of open-source blockchain ecosystems.

The company said that Aergo was designed as a plugin-based smart contract infrastructure. This allows clients to execute smart contracts written for the Ethereum Virtual Machine or AgroSQL. The platform will be supported by public and permissioned repositories and distributed directories to allow for easy collaboration between developers.