Bitcoin · The Block
Bitcoin yield service HoneyB developer raises $5 million at $30 million valuation
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Nectar Group, the developer of bitcoin income platform HoneyB, has raised $5 million in a seed funding round.
Key facts
- Gordon said the underlying investment product aims to generate around 10% annual returns and HoneyB targets annual returns of about 2% to 4% on the user's bitcoin holdings after borrowing costs
- Nectar Group, the developer of bitcoin income platform HoneyB, has raised $5 million in a seed funding round
- The first strategy will use a fund giving access to a diversified portfolio from Simplify Asset Management, a registered investment adviser managing about $13.5 billion
- The round was structured through a simple agreement for future equity, or SAFE, with a one-for-one token warrant, Gordon said, adding that it was raised at a $30 million post-money valuation
Summary
Portal Ventures led the round, with participation from Peer Venture Partners, Anchorage Digital Ventures, an unnamed family office, and angel investors, Nectar Group said Tuesday. The round was structured through a simple agreement for future equity, or SAFE, with a one-for-one token warrant, Gordon said, adding that it was raised at a $30 million post-money valuation. None of the investors received board seats, board observer roles or advisory positions, Gordon said. HoneyB is being built to help bitcoin holders earn yield on their holdings.