Tony Franco and his two fellow founders of SafeChain Financial joined together through a local venture accelerator in 2016. They each made career bets on blockchain technology and went in search of funding last year. Investors were attracted to the leadership team and their goal to use blockchain to solve real-world problems. The company raised $3 million in VC money despite a lack of any meaningful revenue.
These stories are ubiquitous in San Francisco, Boston and New York, but SafeChain, which uses blockchain to facilitate real estate transactions, is based in Columbus, Ohio. The 20-person firm was asked repeatedly about relocating to the coasts during its fundraising but has no plans to abandon the Midwest.
Story excerpt provided by Forbes.
Originally published October 1, 2018.