OB1 raises $5 million to Grow OpenBazaar

The development company behind decentralized marketplace OpenBazaar, OB1 has raised another $5 million.

OB1, the company building OpenBazaar, today announced a series A round of $5 million. The funds will help capitalize on the explosive growth that OpenBazaar has seen as blockchain and cryptocurrencies have become mainstream. OpenBazaar is the only e-commerce marketplace that offers secure, commission-free trade for both buyers and sellers.

We’ve covered OpenBazaar previously and mentioned that they aren’t the only decentralized marketplace project, though all others in still in development phase while OpenBazaar is up and running (with OB 2.0 released last September). – They haven’t raised any money through an ICO. Instead, they’ve gone the more “traditional” route of fundraising via VC and angel investors.

The round represents a strong validation of OB1’s stewardship of the OpenBazaar network and is led by OMERS Ventures, the venture capital arm of the OMERS pension fund. Bitmain is also contributing to this round and joins existing investors Andreessen Horowitz, Union Square Ventures, BlueYard Capital, Digital Currency Group, and angel investor William Mougayar.

This should go a long way to helping OpenBazaar remain the leader in decentralized marketplaces. Still with limited adoption, it’s still open to the project that can get users and transactions flowing.

Andrew @ EcomLoop
EcomLoop founder. I've worked in ecommerce since 2005, beginning with my own ebay store. I've run multiple independent ecommerce businesses on Magento, Joomla, and more recently, Shopify and WooCommerce. I believe marketplaces should be looked at as a sales channel and that all independent businesses should strive to build a direct connection with their audience for long-term success.

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