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Georgian Blockchain Startup Receives $1m Investment from Silicon Valley

The first Georgian Blockchain startup won the best-real world blockchain application award and a $1 million investment from Silicon Valley at the Frontier Innovation Awards.

Frontier Innovation Awards 2018: Blockchain centre on finding the blockchain idea of the year. Presented by Calfounders, the first award ceremony was held in San Francisco in May of this year. The Georgian-Ukrainian blockchain startup Shelf Auctioning Network (Shelf.Network) beat 250 contestants to win the competition and receive the Grand Prix and up to $1 million in seed funding.

Shelf is a solution that offers the most efficient price-discovery mechanism through auctioning that has ever existed in the e-commerce world. It solves the liquidity problems for the asset class: (vehicles, foreclosure, repossessed items, commodities and collectibles). Trillions of dollars are traded in an open manner through online marketplaces.

Shelf uses blockchain to create shared inventory liquidity among the online marketplaces, and then enables sellers to run the same auction synchronously across the connected platforms. Overall Shelf solves fundamental problems for trades:

      1. Liquidity problem – Sellers (dealerships, fleet managers, leasing companies, foreclosures, commodity traders)        won’t be technically restricted to upload, auction and trade only on  a single marketplace.

  1. Limited outreach – Enables sellers to diversify sales channels, without additional resources and to get better price proposals due to the shared bidding process.
  2. Reduce workload – by allowing users to upload, track and manage trade with a single click.

Founded by Lasha Antadze, Shelf has an international team, working both in Germany and Ukraine. The company also became the first Eastern European blockchain startup accepted and funded by the Techstars accelerator back in January. The company plans to expand in the future, and aims to provide the tools for other asset types: collectibles, digital art, housing.

“Our strategy as a blockchain startup is to focus directly on the market and our customers, and be one of the first solutions to show the real adoption of distributed technologies,” says Lasha Antadze.

Shelf is currently expanding its technology for used car trades, and has three marketplaces in the pipeline in Ukraine and Lithuania, as well as a new portal coming to Georgia.