Boson Protocol Closes Oversubscribed SAFE Round, Led By 8 Outlier Ventures Partners
Boson’s SAFE round sees investment from eight Outlier Ventures partners, among others
London, England — 2nd November 2020 — Boson Protocol, the project using smart contracts to power real world commerce, has successfully closed its SAFE (Simple Agreement For Equity) funding round, raising $350,000 (£270,000). The round, which was oversubscribed, saw participation from eight partners at leading Venture Capital firm Outlier Ventures, in addition to technology industry veterans including Trent McConaghy, Founder of Ocean Protocol, and Po Tang ex-CFO of Priority Pass Asia.
Boson Protocol is a web 3.0 primitive that acts as the foundational infrastructure to connect smart contracts with real-world commerce and its data to power the decentralized autonomous commerce revolution. Providing the building blocks that can be used to create next-gen dCommerce apps and unbundle eCommerce platforms, Boson enables the frictionless exchange of digital and physical products and services while preventing value capture by centralized entities.
Founded by Justin Banon, a physicist and entrepreneur who previously grew travel experience platform Priority Pass into a $1 billion revenue per annum digital services group, Boson Protocol will eventually provide a wide range of use cases, from enabling users to purchase items as diverse as cars and groceries, to allowing crypto exchanges and crypto credit card providers to grant real world rewards in a crypto-native way.
Commenting on the SAFE round which closed in September, Banon said,
“Our vision is for Boson Protocol to become the basic plumbing for commerce and its data on the emerging decentralized web, where the value captured is distributed equitably between token holders and protected from capture by a single centralized entity. This is a milestone moment for us and we are thrilled to have the confidence and support of this immensely talented, knowledgeable, and experienced group of people. We look forward to making our vision a reality.”
Following a period of extended due diligence, Boson Protocol will use the finances raised for operational costs, including expanding the team, building and developing the prototype pilots for launch customers, and continuing to broaden Boson’s community reach.
Matt Law, Partner at Outlier Ventures, said,
“Working with Gregor and Justin for many months now, from their participation in Outlier Ventures Base Camp right up to now, what has been evident is their persistence and determination in pursuit of their vision to create a genuinely revolutionary approach to digitising commerce through managing incentives around trustless exchange of any item — digital or physical. Many have talked about decentralised commerce, I am excited to support a team actually doing it.”
Jamie Burke, Founder and CEO of Outlier Ventures, said,
“At Outlier Ventures, we could easily see the exciting potential of Boson Protocol’s foundational cryptographic primitive for dCommerce and the two massive pools of value this implies. We followed up with nine months of analysis and due diligence to validate our initial reaction. Unlike many startups who have ideas, this one also has the right team to drive this forward: a CEO who has already blitz-scaled a billion-dollar loyalty company and a technical co-founder who is a top blockchain technologist and was a teaching fellow for the world’s first MSc in Digital Currency. Together they have the passion and expertise to achieve massive levels of growth and traction. I’m setting a calendar reminder for this time next year to say ‘I told you so’.”
About Boson Protocol:
Boson Protocol is designed to form the building blocks for decentralized commerce – ‘dCommerce Lego’. Connecting smart contracts to real world commerce and its data, our dynamic game mechanism protects the interests of both parties to a trade, enabling the autonomous exchange of digital value for physical products and services, minimizing arbitration, cost, and trust. Operating on Ethereum, the permissionless, peer-to-peer network replicates the benefits of a market intermediary, enabling digital and decentralized apps to be easily developed and integrated.
Senior Consultant, Wachsman
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