Hive raises $8.95M to build blockchain-based invoice finance platform

The Hive Project has closed its token sale after raising $8.95 million (2,087 BTC) from 2,234 supporters. Most (1,500_ BTC are for platform development,marketing and implementation with the remainder placed into the liquidity pool.

The Hive Project provides an alternative liquidity source to SMEs, which in Europe make up more than 99 per cent of businesses. Most struggle to access the $3 trillion invoice finance industry.

Hive participants purchase micro invoices from trusted companies. The platform is based on Ethereum blockchain and smart contracts and automates formerly manual processes including scoring and auditing while also providing real-time actionable data. Each invoice has a unique fingerprint to prevent it from being sold multiple times.

“For too long, SME’s have been left out in the cold by traditional lending systems which favor large companies,” said Jure Soklic, co-founder and CEO. “The success of our token sale is testament to market recognition of the need to reshape the invoice finance industry and ease the burdens faced by SMEs worldwide by bridging the liquidity gap, while providing attractive investment opportunities for invoice buyers.”