London-based Virtual Technology Cluster (VTC) Group announced that it is raising capital on blockchain-backed investment platform ‘Funderbeam’ in order to support the high growth businesses within its network.

The VTC Group will be working with small and medium-scale enterprises (SME’s). The group plays a key asset in helping them expand their services, as VTC gains a deep insight into models, IP, management and commercial opportunities of these SME’s, the release stated.

Secured by blockchain, Funderbeam in Estonia is the first primary and secondary marketplace for early-stage investments. VTC Group’s capital raise is the initial step towards a long-term partnership with Funderbeam and the move will allow the group to help its SME members raise their own investment on Funderbeam. This will provide access to a growing global investor base through the 24/7 borderless liquid marketplace.

“Our new model is going to allow us to create real value – for growth companies, for blue chips, for UK PLC, for our investors, and for us. By connecting small companies with corporate opportunities, we have a unique insight into their businesses and we are going to use this to stimulate growth. We are very excited to be raising capital on Funderbeam’s innovative platform – a perfect demonstration of how blockchain technology is changing every aspect of business. With the growing adoption of our cluster methodology and new governmental contracts, 2017 will be a very busy year,” Auriol Stevens, CEO, VTC Group, said.

The VTC Group has also agreed with a pharmaceutical company on a pilot scheme in order to explore solutions enabled by innovative technologies like blockchain to fast-track innovation from its supply chain.

In October 2016, Funderbeam raised $2.6 million in a funding round from Draper Associates, Thomson Reuters, and IQ Capital.