Overstock Completes Planned Investment in tZERO
August 26 2022 - 7:30AM
Overstock.com, Inc. (NASDAQ:OSTK), a leading furniture and home
furnishings retailer, announced today that it has completed
the second tranche of its planned investment in tZERO Group,
Inc. (tZERO), after its initial funding announced in February
of this year. tZERO’s strategic funding round, which was led by
Intercontinental Exchange, Inc. (NYSE: ICE), closed on August 22,
2022.
“The completion of Overstock’s additional investment in tZERO
shows our commitment to tZERO and our belief in its leadership.
Overstock was an early advocate for accelerating the adoption of
blockchain technology, particularly in capital markets, and we have
long supported tZERO in doing that,” said Overstock CEO Jonathan
Johnson. “We continue to believe in the tZERO team and its efforts
to revolutionize and democratize capital markets.”
tZERO is a financial technology company that provides
transformative market-based solutions for companies, entrepreneurs,
and retail and institutional investors. Since its founding in 2014,
tZERO’s mission has been to democratize access to capital markets
by establishing more efficient, accessible, and transparent
marketplaces. tZERO works with companies to create innovative
solutions and products. tZERO also designs and manages their
marketplaces to help them achieve their strategic goals.
Transaction BackgroundOn February 22, 2022,
tZERO announced an additional funding round from new and existing
investors. Overstock committed to invest in aggregate, an
additional $15 million through Series B financing. Overstock funded
the first tranche of $7.5 million in conjunction with tZERO’s
announcement in February of this year. Overstock funded the second
and final tranche of the investment on August 22, 2022.
tZERO is a portfolio company of Medici Ventures, L.P., a
blockchain-focused fund. The general partner of that fund is an
entity affiliated with Pelion Venture
Partners. Overstock.com, Inc. is the sole limited partner
of Medici Ventures, L.P. and holds a direct minority interest in
tZERO.
Following completion of tZERO’s funding round, the combined
direct and indirect ownership of Overstock in tZERO is
approximately 55%. This includes a direct minority ownership of
approximately 29%. Medici Ventures, L.P. (managed by Pelion Venture
Partners) holds approximately 26%.
About OverstockOverstock.com,
Inc. (NASDAQ:OSTK) is an online retailer and technology
company based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new home products at low prices,
including furniture, décor, area rugs, bedding and bath, home
improvement, and more. The online shopping site features millions
of products that tens of millions of customers visit each month.
Overstock regularly posts information about the Company and other
related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, and Club O are registered trademarks of
Overstock.com, Inc. Other service marks, trademarks and trade names
which may be referred to herein are the property of their
respective owners.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements include all statements
other than statements of historical fact, including but not limited
to statements regarding the future investments. Additional
information regarding factors that could materially affect results
and the accuracy of the forward-looking statements contained herein
may be found in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2021, which was filed with the SEC
on February 25, 2022, our Form 10-Q for the quarter ended March 31,
2022, which was filed with the SEC on May 4, 2022, our Form 10-Q
for the quarter ended June 30, 2022, which was filed with the SEC
on August 2, 2022, and in our subsequent filings with the SEC.
About tZEROtZERO Group, Inc. (tZERO) and
its broker-dealer subsidiaries provide an innovative liquidity
platform for private companies and assets. We offer
institutional-grade solutions for issuers looking to digitize their
capital table through blockchain technology, and trade on a
regulated alternative trading system. tZERO, through its
broker-dealer subsidiaries, democratizes access to private assets
by providing a simple, automated, and efficient trading venue to
broker-dealers, institutions, and investors. tZERO is a portfolio
company of Medici Ventures, L.P., a blockchain-focused fund. The
general partner of that fund is an entity affiliated
with Pelion Venture Partners. Overstock.com,
Inc. (NASDAQ:OSTK) is a limited partner of Medici Ventures,
L.P. and holds a direct minority interest in tZERO. For more
information on tZERO, please visit https://www.tzero.com/.
About PelionPelion Venture Partners is an
early-stage venture capital firm. Pelion invests in Seed and Series
A software companies across the United States. Notable investments
include: Cloudflare (NYSE: NET), Riverbed, Divvy (acquired by
Bill.com), and Weave (NYSE: WEAV).
ContactsInvestor Relations:Lavesh
Hemnaniir@overstock.com |
Media Relations:Sarah Factorpr@overstock.com |
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