SALT LAKE CITY, July 26, 2017 (GLOBE NEWSWIRE) -- Medici Ventures, Inc., the blockchain-focused subsidiary of retail technology leader Overstock.com, Inc. (NASDAQ:OSTK), announces its participation in the Series A funding for Spera, Inc., a software-as-a-service (SaaS) technology company based in Lehi, UT. Spera’s SaaS technology focuses on business management software and payments for freelancers and independent contractors and the companies that retain them.
Medici Ventures received a majority of Spera’s preferred stock in return for a $2,000,000 investment. Steven Hopkins, Medici Ventures’ chief operating officer and general counsel, will join Spera’s board of directors.
“We believe in what Spera is doing to help freelancers and independent contractors worldwide more efficiently operate and manage payments for their businesses,” said Medici Ventures President Jonathan Johnson. “Blockchain technologies can play a critical role, from customer acquisition to final payment. This strategic investment strengthens Medici Ventures’ position as the global leader in blockchain technology.”
“We’re honored to include Medici Ventures as a strategic investor in Spera. The Medici Ventures team is recognized worldwide as the leader in supporting and developing companies and technologies utilizing the blockchain. We are excited to work with Medici Ventures, and look forward to exploring possible synergies with their impressive group of portfolio companies,” said Spera CEO Greg Pesci. “We are convinced that blockchain technologies can greatly enhance the growth and success of freelancers/independents globally in what we call The Freedom Economy.”
Medici Ventures is a leader in advancing blockchain technology, and parent company of t0.com (tee-zero), which recently aided Overstock.com in completing the world’s first blockchain-based stock offering on its proprietary platform.
About Medici Ventures:
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ t0 platform:OSTKP) / Series B Preferred (OTCQB:OSTBP), created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including t0.com, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, t0.com, executed the world’s first blockchain-based stock offering in December 2016.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-K for the quarter ended March 31, 2017, which was filed with the SEC on May 4, 2017, and any subsequent filings with the SEC.