ConsenSys wants to raise $200million from outside investors

New York-based blockchain firm ConsenSys is allegedly looking for investors to raise $200 million, tech media outlet The Information reported on April 15.

According to sources knowledgeable about the subject, ConsenSys is attempting to attract external investors to raise $200 million. The organization's executives allegedly talked to investors in Hong Kong and South Korea, nevertheless as of early April ConsenSys had supposedly not yet discovered a direct investor.

The info cited fundraising records, showing that ConsenSys closed 2018 with only $21 million in revenue coming largely from its own company consulting company. Per the records, ConsenSys is likely its earnings to become more than $50 million in 2019, together with approximately $40 million coming out of its services industry.

The documents allegedly reveal that ConsenSys includes a significant share in blockchain businesses it has incubated. ConsenSys has allegedly been searching for a valuation of $1 billion, The information accounts are too large, provided the organization's earnings and investors.

Last December, anonymous sources said the ConsenSys could put off around 60 percent of its employees as the blockchain area had become more aggressive and”crowded.” The business was allegedly turning out startups it'd previously endorsed, a few of these without financial aid.

Later in January, ConsenSys' Executive Director of Enterprise and Social Effect Vanessa Grellet advised Cointelegraph the layoffs didn't exceed 13 percent of employees. All teams in the company were purportedly reevaluated including non-technical and technical employees.

Also Read: US Researchers build Blockchain Protocol to prevent counterfeit pharmaceutical sales

When asked about signs of catastrophe in the blockchain Business and criticism of ConsenSys not being able to deliver on its promises, Grellet stated that she sees huge interest in blockchain technology.

Source

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