(Reuters) – Banks involved in the blockchain consortium R3 CEV have expressed interest in investing $59 million in the company’s first funding round, less than half its overall target, a person close to the deal said on Friday.
R3, a New York-based startup, is seeking to raise $150 million from its members and strategic investors to fund its activities focused on developing blockchain-based technology for the financial services sector.
It had originally sought to raise $200 million, offering prospective investors a 90 percent stake in a new entity it would have run but restructured the deal to $150 million in return for a 60 percent stake in itself.
It has invited its original 42 bank members to invest first and will subsequently reach out to the other roughly 30 banks it works with as well as external companies, the person said. It plans to raise the overall amount over the next nine to 12 months.
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