SALT LAKE CITY, April 26, 2021 (GLOBE NEWSWIRE) — Overstock.com, Inc. (NASDAQ:OSTK), right now pronounces it has closed its blockchain fund transaction with Pelion Venture Partners, a third-party enterprise capital agency with a confirmed monitor document of efficiently investing in early stage corporations. Overstock’s wholly owned blockchain-focused subsidiary, Medici Ventures, has been transformed right into a restricted partnership (the “Fund”) and shall be managed by Pelion MV GP, LLC, which can act as the final associate of the Fund. Overstock.com, Inc. is the only real restricted associate of the Fund.
Because the restricted associate, Overstock has dedicated $45 million over the eight-year lifetime of the Fund. The Fund will return invested capital to Overstock first after which break up earnings on profitable exits as set forth within the Fund’s Restricted Partnership Settlement. The Fund will maintain a big minority possession stake in tZERO Group, Inc. (“tZERO”) and Overstock will retain a direct minority fairness curiosity in tZERO.
“We stay bullish on blockchain know-how and are excited for Medici Ventures to enter this new post-closing section,” stated Overstock chief government officer Jonathan Johnson. “Pelion has spent the final three months attending to know these portfolio corporations higher. I anticipate Pelion, which can oversee the portfolio and make follow-on funding choices, will take these corporations to the subsequent stage and assist information them to financial success. I’m happy we closed this transaction forward of schedule. Overstock can now deal with our core e-commerce enterprise, which continues to appreciate large income, revenue, and market share development.”
Pelion MV GP, LLC now has sole authority and accountability relating to the Fund’s funding choices and in exercising all shareholder rights Medici Ventures holds within the portfolio companies.
“I’m happy this transaction with Overstock got here collectively and has now closed,” stated Pelion Enterprise Companions founder and managing director Blake Modersitzki. “Pelion acknowledges the worth in these disruptive corporations and the world-changing potential of blockchain know-how. We look ahead to leaping in instantly and dealing with every of the portfolio corporations to maximise the worth of those belongings.”
About OverstockOverstock.com, Inc Widespread Inventory (NASDAQ:OSTK) / Collection A-1 Most well-liked Inventory (tZERO ATS:OSTKO) / Collection B Most well-liked Inventory (OTCQX:OSTBP) is a web-based retailer and know-how firm based mostly in Salt Lake Metropolis, Utah. Its main e-commerce web site sells a broad vary of recent house merchandise at low costs, together with furnishings, décor, rugs, bedding, house enchancment, and extra. The net buying website, which is visited by tens of thousands and thousands of shoppers a month, additionally contains a market offering prospects entry to thousands and thousands of merchandise from third-party sellers. Overstock was the primary main retailer to simply accept cryptocurrency in 2014, and in the identical yr based Medici Ventures, its wholly owned subsidiary devoted to the event and acceleration of blockchain applied sciences to democratize capital, get rid of middlemen, and re-humanize commerce. Overstock repeatedly posts details about the Firm and different associated issues on the Newsroom and Investor Relations pages on its web site, Overstock.com.
O, Overstock.com, O.com, Membership O, and Worldstock are registered logos of Overstock.com, Inc. Different service marks, logos and commerce names which can be referred to herein are the property of their respective house owners.
About Medici VenturesLaunched in 2014, Medici Ventures was a completely owned subsidiary of Overstock.com, Inc. created to leverage blockchain know-how to unravel real-world issues with clear, environment friendly, and safe options. It’s now a restricted partnership managed by Pelion MV GP, L.L.C. Overstock.com, Inc. is the only real restricted associate. Medici Ventures’ corporations are introducing blockchain know-how to industries together with id, land governance, cash and banking, capital markets, provide chain, and voting.
About Pelion Enterprise CompanionsPelion is an early stage know-how enterprise capital agency with a nationwide monitor document of investing in software-based companies that handle the exponential development within the motion of data, or “bits,” throughout wired and wi-fi networks. Based in 1986, Pelion has been a associate to main know-how innovators CloudFlare, Fusion-io, MX Logic, RedHat, and Riverbed. Extra at www.pelionvp.com.
Cautionary Be aware Relating to Ahead-Trying StatementsThis press launch incorporates sure forward-looking statements inside the which means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Alternate Act of 1934. Such forward-looking statements embrace all statements apart from statements of historic reality, together with however not restricted to statements relating to expectations with respect to the efficiency of Pelion and the Fund. Further data relating to components that might materially have an effect on outcomes and the accuracy of the forward-looking statements contained herein could also be discovered within the Firm’s Annual Report on Type 10-Ok for the fiscal yr ended December 31, 2020, which was filed with the SEC on February 26, 2021, and in our subsequent filings with the SEC.
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