Overstock’s Blockchain Accelerator Leads GrainChain’s $8.2M Funding Round

Medici Ventures, the blockchain accelerator of retail giant Overstock, has exercised a warrant to purchase an additional $5 million of equity in GrainChain. The investment is part of GrainChain’s latest funding round that resulted in $8.2 million in capital for the company.

Launched in 2014, Medici Ventures was created to leverage blockchain technology to solve real-world problems with transparent, efficient, and secure solutions. Medici Ventures’ companies are introducing blockchain technology to industries including identity, land governance, money and banking, capital markets, supply chain, and voting.

Founded in 2013, GrainChain is using technology to empower farmers and level the playing field in the global agricultural market. GrainChain’s innovative platform enables faster payment and allows for the immediate availability of tradable commodities between buyers and farmers. Its blockchain-based infrastructure also reduces fraud and corruption through tracking and certification, and generally streamlines transactional procedures throughout the commodities supply chain.

Overstock CEO and Medici Ventures President Jonathan Johnson, said that GrainChain has quietly become one of the most successful blockchain-meets-agriculture platforms on the market by allowing more and more farmers to receive fair value and prompt payment for their crops, while also selling to a larger pool of buyers.

“GrainChain’s work in reducing the time and spoilage associated with agricultural transactions, while also driving down frictional costs for both farmers and buyers is a shining example of Medici Ventures’ mission to democratize capital, eliminate middlemen, and re-humanize commerce through the use of blockchain technology,” said Johnson.

According to GrainChain, the capital will be used to further grow its agricultural blockchain platform.

“Our team is humbled and honored by Medici Ventures’ continued and unwavering support of our work,” said GrainChain co-founder and CEO Luis Macias. “Today’s announcement is a testament to the success of our partnership, allowing us to continue product development and expansion to meet market demands in more countries. It also demonstrates their commitment to our goal of building a global agricultural marketplace — one that is transparent and fair to producers—and brings it one step closer to fruition.”