NextBlock Global $20M financing – Update

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By Ted Liu

NextBlock Global, a new digital asset investment company, announced on July 31, 2017 the closing of an oversubscribed $20 million financing.

[mepr-active rule=”374″ ifallowed=”hide”]Read our research on the financing and coompany. Subscribe to Private Capital Journal and be informed. We offer monthly/yearly recurring or one-time subscriptions. [/mepr-active][mepr-active rule=”374″] In Nextblock news release, Alex Tapscott, founder, CEO and director of Nextblock, said, “We are delighted with the outcome of this financing and we are ready to lead in this fast changing and disruptive marketplace and we saw tremendous demand from institutional and strategic investors who are looking to get exposure to this new asset class.”

The $20 million was in fact primarily raised from individual investors: $11.1 million from 80 Ontario investors, $0.9 million from 4 BC investors, $3.0 million from 18 US investors and the remaining amount from unknown international investors.

The financing was structured in the form of convertible unsecured subordinated debentures, converting into equity at a 20% discount to the next round of equity financing.

Nextblock’s two-person board is comprised of Tapscott and Dennis Bennie, CEO of XDL Capital Group and former Chairman & CEO of Delrina Corporation.

photo credit: Gerd Altmann via pixabay