WiV Technology, a blockchain-based project focused on the fine wine industry and non-fungible tokens (NFTs), announced it raised $1.5 million in fresh capital to further accelerate the development of its platform for tokenized fine wine.
The funding round attracted participation from RedCave Ventures, Daniel Maegaard, SuperNatural, 1010 Capital, StableNode and Tokenization. These investors participated by buying $WIVA tokens, which act as the backbone that powers the entire WiV ecosystem.
“We are immensely proud to have both RedCave Ventures and Daniel Maegaard as lead investors. RedCave brings a wealth of experience in the crypto space representing a group of very successful tech entrepreneurs that clearly understands and have great beliefs in the Real-World Asset that we represent,” said Tommy Jensen, CEO at WiV.
The company also plans to use proceeds by hiring new talent, including engineering, design, and operations. Still, the main focus will remain to further develop the platform, which includes tamper-proof identity markers that guarantee ownership of the digital product.
The Oslo-based management team behind WiV created a platform that allows both retail and institutional investors to buy and hold the NFTs developed by vineyards. This way, a physical bottle or a case of wine gets its digital twin. The entire process also creates more liquidity and quicker sales while transaction costs stay low thanks to the underlying blockchain platform.
“We pride ourselves in seeing potential in cutting edge technologies. WIVA is one of the most innovative projects in the crypto space, bringing liquidity to an asset class that has traditionally struggled with liquidity. RedCave Ventures is always keeping a watchful eye for projects with this level of revolutionary thinking, competent team members, and tokenomics,” a RedCave Ventures spokesman commented.
WiV is particularly pleased that it has managed to attract the participation of Daniel Maegaard as one of the key investors given his track record. Jensen stressed that Maegaard brings “a massive dose of experience,” which will help WiV to further grow. The blockchain platform generates income from the vineyard platform fees, storage fees, NFT purchase transaction fees, marketing activities, etc.
“The intersection of digital and physical is continuing to merge, and I believe WIVA is well-positioned to take advantage of this rapidly growing space. As a fellow wine enthusiast, it was an easy decision to back such a strong team and white paper as they look to disrupt the billion-dollar wine industry,” Maegaard noted in a press release.
Producers and collectors of wine are allowed to instantly buy, sell, and borrow money on the WiV platform. This way, the blockchain platform acts as a broker between vineyards and investors. Among other things, the platform facilitates financing for vineyards as they’re connected with investors and transactions are facilitated at a low cost.