BAS platform Functionland picks up $1m in seed financing

Functionland, a Toronto-based builder of blockchain-attached storage, has raised $1 million in seed-stage financing.

Functionland, a Toronto-based builder of blockchain-attached storage, has raised $1 million in seed-stage financing. The round was backed by existing investor Outlier Ventures and new investors, including Protocol Labs, Master Ventures and Delta Blockchain Fund. The funds raised will support Functionland’s hardware launch and further development of its Borg Protocol.

PRESS RELEASE

TORONTO, ON, Jan. 25, 2022 /CNW/ – Functionland inc., builders of blockchain-attached storage and the Borg Protocol, announced an additional USD 1.1M in seed funding today. The round was oversubscribed by 40%, reflecting the significant and growing interest in the company’s vision.

In addition to current investor Outlier Ventures, this round added Protocol Labs, Master Ventures, Delta Blockchain Fund and other key investors to the list of those who believe in what Functionland is trying to achieve.

“We’re excited about the milestones this funding will help us accomplish,” said Keyvan Sadeghi, (CEO, Functionland). “It is another step forward in Functionland’s mission to put a piece of blockchain on everyone’s desk. Our proof-of-concept photo storage app, Photos, is already recognized by developers as in the top three percent of open-source projects around the world. This funding will help us move successfully into the next phases of Borg Network development and our crowdfunding campaign for Box Hardware.”

Functionland’s Box will be launching soon on Kickstarter, and you can subscribe here to get notified and get 50% off on launch day.

For Functionland, this early development stage is characterized by mutually beneficial business relationships. The company already enjoys a working relationship with Protocol Labs that benefits its Borg Protocol, which uses IPFS and Libp2p technologies to facilitate p2p network transactions.

“Protocol Labs is committed to supporting projects with decentralization as a core principle of their vision,” said Brad Holden (investments lead, Protocol Labs), “Functionland’s development of blockchain-attached storage strives to decentralize cloud services and democratize the internet through the creation of a freer, more innovative Web3-based experience.”

There is significant global interest in Functionland’s project, reflected in the fact that the company has attracted high-profile Web 3.0 investors from all over the world, including Outlier Ventures (UK); Protocol Labs (USA); Tenzor Capital (Russia); Pinnacle Venture (India); Contango Digital Assets (Canada); Meta One Capital (Canada); Delta Blockchain Fund (USA); Master Ventures (Hong-Kong); DoraHacks (China); MaxStealth (Australia); MKD Capital; NxGen xyz; Oddgems.

Functionland has also established partnerships with leading Web 3.0 companies including Dfinity, Crust Network, Filecoin and Cudos Network.