[2016-11-26] News18: Banks Look to Invest $59 Million in Blockchain Startup R3

[polynesia]

Banks Look to Invest $59 Million in Blockchain Startup R3

http://www.news18.com/news/tech/banks-look-to-invest-59-million-in-blockchain-startup-r3-1316269.html

Banks involved in the blockchain consortium R3 CEV have expressed interest in investing $59 million in the company’s first funding round, less than half its overall target, a person close to the deal said on Friday.

R3, a New York-based startup, is seeking to raise $150 million from its members and strategic investors to fund its activities focused on developing blockchain-based technology for the financial services sector.

It had originally sought to raise $200 million, offering prospective investors a 90 percent stake in a new entity it would have run but restructured the deal to $150 million in return for a 60 percent stake in itself.