Overstock Invests $2 Million in Blockchain Voting Startup

Medici Ventures, a subsidiary of online retail giant Overstock.com, has led the seed funding round of mobile voting platform Voatz.

Voatz raised over $2.2 million in the round, which also saw investments from the Urban Innovation Fund and Oakhouse Partners, as well as angel investors including Walt Winshall, Tom Williams, Joe Caruso and members of the Walnut Ventures angels group.

According to a press release, Voatz is planning to utilize the funding to grow its business development team, widen its services across the U.S. and work towards the development of new products.

Medici Ventures' president, Jonathan Johnson, said that blockchain's immutable record keeping will lead to greater confidence in the accuracy of results, while its usability will enable citizens to participate in elections without barriers.

Voatz is a mobile voting platform that uses blockchain technology to ensure secure record-keeping and identity verification. The platform has already been deployed by universities, state political groups, and non-profit organizations for their internal voting functions, the release states.

According to Andrew Maguire, investor at Oakhouse Partners, Voatz combines biometrics and blockchain technology, benefits that would increase voters' confidence and participation.

"We are delighted and grateful for the support we have received from our investors to help grow our team and accelerate the deployment of our cutting edge voting and citizen engagement platform," Nimit Sawhney, CEO of Voatz, said.