Blockchain firm GeoDB launches UK equity crowdfunding campaign
Big data blockchain firm, GeoDB, which claims to be the first open decentralised data sharing ecosystem, has launched a UK crowdfunding campaign to fund its next stage expansion.
The company said that a group of successful tech entrepreneurs, and the men behind million dollar start-up, Wave, are launching the crowdfunding campaign to support their newest venture; the big data digital marketplace which pays users fairly for their data.
Having already raised more than €1.5 million of funding, GeoDB said it is looking for backers with a passion for the data industry to invest in its innovative protocol, one of the first of its kind worldwide, and to support the company as it expands into the UK and the rest of Europe.
With a starting base of 12 million active users in 150 countries, GeoDB said it helps users gain control of their self-generated data and sets out to fundamentally reshape the industry, addressing widespread consumer concerns about transparency, value and security. According to reports, more than half (57 per cent) of Britons are worried about sharing their information, and 63 per cent say they know little or nothing about their rights regarding personal data.
Blockchain and tokenomics
Combining blockchain and tokenomics with big data, GeoDB is a decentralised protocol which functions as a self-sufficient marketplace, connecting the users who generate the data to the companies who need it.
The user, simply by being part of the protocol, will automatically receive payment in the form of a crypto token, the GEO Token, which can be redeemed for other currencies or used to pay for day-to-day mobile services.
GeoDB said it provides a streamlined and low-friction process for sellers. It is also set to remove the arbitrary pricing of data: the more users, the more reward for protocol participants - and, ultimately, the more useable data for businesses.
This model, said the company, will mean that the economy will ultimately find a fair value for both parties and boost market transactions.
Unlike competitors, GeoDB dedicates the vast majority (70 per cent) of its tokens to its people’s incentive system, demonstrating its confidence in the growth of the model.
With an ambitious growth plan, GeoDB is looking for shareholders to invest in the next stages to support the business’ growth.
From its Spanish starting point, it is now expanding into the UK, and will develop its European partner ecosystem from its London hub. With some of best global talent and a strong culture of entrepreneurship, GeoDB sees the UK as the world’s leading place to start and scale a technology business.
Among GeoDB’s investors are Next Chance Invest, Levo Capital and PadeInvest, some of the most reputed ones in Spain.
“The big data market is massive, and its potential is clear”, said Sacha Gordillo, CEO and founder of GeoDB.
“But it’s rife with issues. A lack of transparency, no existing trading rules and high profile security breaches means that trust in data (and the companies which aggregate/sell it) is low.
“Today, the users, the rightful owners of the data, go unrewarded and feel out of control – and those that want the data, especially small businesses, need to wait months or years and pay a high price for access.
“GeoDB is set to reshape the market, and democratise the transfer and sale of data. By opening up our doors to new investors, we hope to attract shareholders who are passionate about data and who want to help influence the market.”