Daily News
From Home Furnishing Business
Overstock.com Participates in Funding Round for Emergent AgTech Co.
February 16,
2023 by HFBusiness Staff in Business Strategy, Industry 
Overstock.com, Inc., online furniture and home furnishings retailer, announced that it participated in a funding round for GrainChain, Inc., a Medici Ventures, L.P. portfolio company. Overstock participated alongside other investors including Pelion Venture Partners, that invested from its main fund.
“GrainChain has seen impressive growth as Pelion has become more involved,” said Overstock CEO Jonathan Johnson. “With its differentiated technology, we expect GrainChain to become a market leader in the AgTech space.”
“This new up-round of investment will support the company’s efforts to further grow. Our follow-on investment of $10 million will enable Overstock and its shareholders to participate in the long-term success of GrainChain. I am pleased that the Pelion team continues to demonstrate its expertise in advancing the Medici Ventures portfolio companies.”
"GrainChain's growth has been so remarkable that Pelion's main fund is investing $10 million in this round in addition to our investment through the Medici Ventures Fund. GrainChain will also be adding Pelion partner Jeff Kearl to its Board of Directors," said Pelion General Partner and GrainChain Board member Matt Mosman.
"Jeff was an early investor in companies like Uber and Coupa, and his experience with other hypergrowth companies will be invaluable in helping guide GrainChain."
“GrainChain utilizes blockchain and IoT technology to digitize the agricultural supply chain and create an easier, faster, safer transaction environment for producers and buyers of the end commodity,” said GrainChain Co-Founder & CEO Luis Macias.
“We thank the Overstock and Pelion teams for the additional capital to support our continued growth and for supporting our efforts from the very beginning. Pelion has been an invaluable partner, providing strategic guidance and connecting us with the proper resources to allow us to focus on our clients, core business and growth.”