Pecunio VC fund enters scalability race with up to $3,000,000 USD Investment and Partnership deal with hubii AS (Norway)
Dubai, UAE and Bergen, Norway December 17th, 2018 — Dubai-based Blockchain VC fund, Pecunio, has added another potentially “rock star” emerging technology company to its growing portfolio of blockchain companies in its most recent deal with Norway-based scaling solution provider, hubii. The deal comes as hubii deploys nahmii to the public mainnet and announces a partnership with HitBTC.
Pecunio and hubii have principally agreed on a term sheet for $1,500,000 USD, with an option for a further $1,500,000 USD top-up. The terms give hubii a pre-money valuation of $25,000,000 USD and the deal is pending formalities.
The partnership will kickstart hubii’s capital raise and increase speed-to-market as it widens its services globally. An industry-grade scaling and payments solution supporting all major Layer 1 protocols, hubii’s nahmii protocol is a digital scaling solution built on the Ethereum (ETH) Blockchain; soon to be ported to other leading Blockchains, including the incumbent Bitcoin (BTC) protocol.
In the partnership arrangement, Pecunio will also work hand in hand with hubii to identify and integrate accredited co-investors to the upcoming investors’ Series A round — primarily other tech VC funds from US, China, HK, Singapore and the UAE — while carefully complying with all regulatory requirements.
“The partnership enables Pecunio to gain important exposure to one of the fastest growing and most profitable areas in the blockchain technology space — that of scaling solutions, while also allowing hubii to leverage its relationship with an experienced team and a reputable financial brand in Pecunio. We are ecstatic to work with hubii going forward.”, said Reinhard Berger, CEO, Pecunio Blockchain Technologies FZE.
hubii has turned many heads now that one of the world’s foremost Blockchain VC funds has attached their name to the project. Jacobo Toll-Messia, CEO of hubii had this to say, “hubii is absolutely thrilled with this partnership, especially with current market conditions. This is an important step for hubii to remain poised as the one of world’s leading Blockchain technology providers and to deliver nahmii as the first commercially-ready Layer 2 protocol onto the world stage.”
“According to our own research, hubii has the best potential to be a truly next generation scaling solution because of its industry leading transaction throughput, latency, cost and security standards. Pecunio is pleased to partner with such a dedicated team,” said Reinhard Berger, CEO, Pecunio. “My special thanks go to Anthony Ritossa, who brought us together and made the partnership with this outstanding team and project possible.”
After starting with success in the business of content distribution and aggregation with partners such as Panasonic, Mozilla and Telenor, the hubii team soon realised that the current distribution model was wholly inefficient and moved to apply blockchain technology to create a fairer and far more efficient type of distribution platform. The team soon discovered that even with the proposed upgrades to the ethereum network, it would still be too slow to meet their needs. This is when nahmii came to be, hubii’s Layer 2 scaling solution for any blockchain. Built initially on Ethereum, it has been designed from the ground up for commercial use, with applications far beyond content distribution. nahmii brings blockchain-level security to payments, trading, IoT, gaming and countless other use cases.
Pecunio is an asset management platform for safe and easy access for the future of financial markets through blockchain investments. As the United Arab Emirates’ (UAE) leading blockchain investment company, investors benefit from a sound business model, enabling investments into angel & venture capital (AC&VC) funds and high-end cryptocurrency funds. In addition, the investment platform focuses on settling B2B transactions with a gold-backed currency used as ‘gold-tether’.
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