GeoDB raises £2.4 million in its latest Seedrs crowdfunding campaign

By Megha Bhattacharya

UK FinTech GeoDB is reportedly all set to close its crowdfunding round on Seedrs with around £2.4 million raised from nearly 550 Seedrs investors. GeoDB is a big data marketplace that aims to solve the existing problems of the huge big data industry and also allows users to upload their data to the protocol. In exchange, the protocol rewards them for that generated data.

GeoDB raised £1.37 million through its previous Seedrs campaign, which closed less than a year before the latest round made its debut. The company is now offering a 25% discount through the campaign, which is set to close at the end of December.

According to the company, it is a peer-to-peer big data sharing ecosystem powered by blockchain technologies. It is an open data marketplace that creates bridges between current isolated participants and which aims to solve the existing inefficiencies of the huge big data industry. At one end, users upload their data to the ecosystem. In exchange, the network rewards them for that generated data. Meanwhile, at the other end, data buyers access the data pool and purchase those datasets. GeoDB is being created and developed by London-based GeoDB Blockchain Limited.

The company stated in its blog, “2020 was very successful for GeoDB. We have achieved significant community growth, onboarded thousands of new investors, and more than a hundred thousand GeoCash users.”