OB1, the company behind the decentralized online marketplace OpenBazaar, has raised $5 million USD in a Series A funding round. OMERS Ventures is among the investors that joined the round.

“We have enjoyed getting to know OB1’s management team over the past couple of years,” OMERS said in a Medium post. “Brian, Sam and Washington are amongst the most knowledgeable and passionate experts in the blockchain community. OB1 stays in constant communication with their thousands of community members and contributing developers, and active with hundreds of daily messages on Reddit, Slack and Telegram channels. OB1 has a world class team which is core to our investment thesis.”

OB1 previously raised a $1 million seed round from Union Square Ventures, Andreessen Horowitz, and angel investor William Mougayar in May of 2015 to launch OpenBazaar.

The company plans to use the funding to improve its open source software and grow its peer-to-peer community. “After launch, we were so excited to see how people have been using OpenBazaar, and with this new funding we’re confident it will allow us to bring the benefits of truly free and open trade to the world,” said CEO Brian Hoffman.

For its part, OMERS Ventures is watching the crypto space closely. The firm is among the partners in Ethereum Capital, a company looking to raise $50 million to invest in ethereum-based companies.


StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.