Blockchain-based PropTech solution company SafeChain has collected $3m in funding led by NCT Ventures.
Other backers to the round included Revolution Rise of the Rest Seed Fund, Aspect Ventures, Precursor Ventures, Check Free founder Pete Kight, Social Capital, Rev1 Ventures, Loud Capital, and Fintech71.
Ohio-based SafeChain makes real estate transactions safe and simple by using blockchain technology to prevent fraud. The company SafeWire solution implements a multi-factor authentication system that verifies bank accounts, support the transactions, client verification identity and reduce closing due diligence times.
The technology helps mortgage bankers and realtors to decrease costs and improve customer experiences.
SafeChain hopes to use the new line of capital to expand its sales team, develop new products and execute on customer partnerships. Over the course of the year, the company also plans to launch a title industry consensus group which will explore the challenges related to blockchain.
AOL co-founder Steve Case said, ?We are proud to partner with other national and regional investors to support SafeChain. It incredibly exciting to see promising and disruptive ideas come out of areas that are underserved by the venture community. Blockchain is set to revolutionize many sectors of business and SafeChain is leading out of the Midwest.p>
Earlier in the year, Aspect Ventures closed its second early-stage fund on $181m, surpassing its initial $150m target. The vehicle received contributions from Melinda Gates, Cicso and Knollwood Investments.
The PropTech sector has seen a lot of activity this month, with this being the seventh transaction to close. Earlier in the week, Homesnap, a mobile platform for agents and brokers to increase revenues, closed a $14m Series B round led by Updata Partners.
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