Business

Dundalk tech firm set to raise €17m in new venture

Local start-up

Tia Clarke

Reporter:

Tia Clarke

Email:

tia.clarke@dundalkdemocrat.ie

Dundalk tech firm set to raise €17m in new venture

GECKO CEO Shane Brett

Tia Clarke tia.clarke@dundalkdemocrat.ie

Local startup, GECKO Governance, is celebrating after announcing on Monday morning that they expect to raise $20 million (approx. €17 million) for a new venture, which will be used to “expand its governance and compliance platform into the Token Sale market”.

Dundalk-based GECKO, who also have offices in New York, London and Sydney, told how they will be launching an “initial coin offering” (a means by which funds are raised for a new cryptocurrency venture) for investors worldwide.

Cosimo Ventures, who are currently investing in “pioneering technologies that are designed to increase the transparency and accountability of digital currency markets, and support the development of regulatory and compliance frameworks”, has teamed up with GECKO on this latest project.

The new GECKO Crypto1 solution will aim to become the “industry standard” for Token Sale regulation and compliance, providing investors for the first time with the same levels of transparency, compliance, and accountability at every stage of a Token Sale – a service that GECKO currently provides for traditional investments.

GECKO CEO Shane Brett said: “Token sales and ICOs are currently the most appropriate means of raising capital to fund startup projects, having contributed a whopping $7 billion in 2017.

“Nonetheless, the existent regulatory protocols in the ICO sector are inhibition of its development and can lead to failure if they are not changed immediately.

“By launching GECKO Crypto1, GECKO Governance intends to revolutionize the ICO industry by providing dependability, transparency and compliance to regulators and ICO investors.

“The successful completion of the fundraise will allow the company to very significantly expand the number of staff employed at our Dundalk HQ.”