Place/Date: Singapore - August 13th, 2018 at 6:56 pm UTC · 5 min read
Contact: Sandesh Nanjundappa, Source: Runs
This strategic investment by BlockTeam will help Runs.com ramp up its operations rapidly in line with its growth plans.
Runs.com is a decentralized eCommerce platform built on digital trust. Imbibing the Blockchain philosophy of openness and transparency, Runs.com aims to give the control of data and decision-making back to consumers. Runs.com is building a global community around experiences in 25 countries across the globe.
The Company’s Chief Executive Officer, Giri Devanur said,
“I am very happy to partner with BlockTeam Ventures LLC, a company which is backed by veterans of the Blockchain industry. BlockTeam has been instrumental in building a vibrant ecosystem in blockchain over the years and will complement our efforts immensely to help us scale. We look forward to leveraging BlockTeam’s network of investors, technology specialists, and their marketing capabilities in this sector.”
Adds BlockTeam Ventures LLC Managing Partner, Jesse Tevelow stated,
“We are thrilled to invest in Runs.com to fund their global expansion strategy. We are very impressed with the approach Runs.com has taken to disrupt a monopolistic market like eCommerce with a fully decentralized, democratic, and open source marketplace. We are also very happy with the execution skills of the Runs management team and their global strategy to address massive markets, spanning 125 cities in 25 countries around the world.”
BlockTeam Capital LLC Managing Partner, Simon Bogdanowicz adds,
“We are excited to invest in Runs.com. We will bring together our digital marketing capabilities and the network of investors that we are engaged with around the world to establish a win-win outcome for all parties in our network.”
Dr. Artit Wangperawong, Co-Founder and Chief Technology Officer at Runs.com points out
“Blockchain technology is uniquely poised to disrupt how companies operate. Particularly for eCommerce, merchants and consumers would benefit from a decentralized platform operating on a blockchain to reduce transaction overheads and costs. We are investing in this technology now to prepare for the demands of the new age economy. The success of our efforts today could pave the way for how we transact in the future.”
Runs.com will be disrupting traditional eCommerce platforms which use SKU’s as the fundamental way to identify units. Moving away from the conventional SKU,s Runs.com has patented a new method of identification and tracking called an XKU–or ‘Experience Keeping Unit’. Runs.com XKU’s will track three unique parameters: Story, Source, and Sustainability.
An XKU is a product and service identification code for an item that helps track the item for inventory. It can be assigned to both physical and non-physical products in an inventory.
Unlike SKU’s whose code usually reveals a product’s details, such as color, size, style, price, manufacturer, and brand, an XKU includes the basic elements of an SKU plus three S-factors; Story, Source, and Sustainability. Each XKU has a unique experience attached to it and is secured on the Blockchain as a ledger entry.
The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under, or exemption from registration under, such Act.
Runs Capital Private Limited company, operating under the brand of Runs.com, was formed in February 2018 as a next generation eCommerce platform built on blockchain technology. Runs.com is the world’s first Blockchain-based e-commerce platform for experiences targeting over 2.5 billion people.
Runs.com, headquartered in Singapore with offices in New York and Bangalore, intends to initially bring together Coffee, Cinema, & Cricket enthusiasts from around the world on its platform. Runs.com aims to build a global community of people around their interest areas in 25 countries and 125 cities.
The Company’s management team includes Giri Devanur – CEO, Dr. Artit Wangperawong – Chief Technology officer, Avi Jain – SVP, Finance, Carlos Fernandez – Chief Growth Officer, Sandesh Nanjundappa – Chief Digital Officer, and Piyush Sadana – Chief Strategy Officer.
The Company’s Board of Directors now consist of five members: James Yee – Chairman, Giri Devanur – CEO, Tom Blinten (non-exec), Mokkoh Nobuyuki (non-exec), and Jee Cho.
Please visit www.Runs.com for more information.
BlockTeam Ventures is a venture capital fund with a focus on blockchain related technologies. The firm uses three main lenses to evaluate opportunities: Team, Traction, and Technology. This holistic approach allows BT to make long-term investments, but still capture short-term gains based on the unique structure of Token Sales. The fund’s management team has already worked directly with over 40 companies in the blockchain space.
The team constitutes members from the worlds of entrepreneurship, tech, and finance. One of the partners went through the initial class of Techstars and co-founded a gaming company that generated millions of dollars selling digital currency. Another partner worked on Wall Street, managing M&A deals running into the billions of dollars.
Another has served as a hands-on advisor to over 35 ICOs. The company today boasts of a diverse team of professionals with a wealth of experience and a proven track record with deep access to deal flow.
BlockTeam Ventures believes that Blockchain technology will reshape modern society in ways that we cannot imagine. Because of the rapid growth of the cryptocurrency ecosystem in 2017, crypto hedge funds and VC funds are in vogue. The funds that succeed long-term will possess unfair advantages and unique value propositions. For BlockTeam Ventures, that value comes from its access to premium deals, and the vision it holds around building relationships and communities.
Disclaimer: Runs is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high-risk tolerance. Only participate in a token event with what you can afford to lose. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.