# Covee Network

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/covee-network

- Industry: Software
- Headquarters: Zurich, Switzerland
- Website: www.covee.network
- Total disclosed funding: $1.6M
- Latest round: Seed (May 1, 2018)
- Investors on record: 2

## About

Covee Network provides an innovative blockchain-based platform designed to enhance collaboration among knowledge workers through the Covee Protocol, promoting decentralized project governance and improved accountability.Covee Network AG, founded in 2017, is based in Zurich, Switzerland. The company focuses on utilizing blockchain technology to facilitate collaboration among professionals across various sectors. The Seed funding round, led by LocalGlobe, raised EUR 1.35 mn on May 1, 2018, which is the total amount raised to date. The founder, Sven Steude, has a background in entrepreneurship, although specific details of previous ventures are not available.Covee Network AG primarily offers the Covee Protocol, an innovative platform that utilizes blockchain technology to facilitate collaboration among knowledge workers. This protocol is embedded in Ethereum-based smart contracts, enabling a unique incentive mechanism that fosters trust and engagement among project participants. The platform allows users to stake their involvement in projects, akin to a security deposit, which enhances accountability and motivation. End users include professionals from various sectors such as finance, genomics, engineering, and e-commerce, who seek to collaborate without the constraints of traditional corporate structures. The service aims to solve issues related to team management, performance evaluation, and decision-making, ultimately leading to more efficient and decentralized project governance. Covee's offerings are designed to be globally scalable, catering to a diverse range of markets across Europe and beyond.Covee Network AG generates revenue through its innovative platform by facilitating transactions that occur within its ecosystem of knowledge workers. Users engage with the Covee Protocol by staking their contributions to projects, with rewards distributed based on peer evaluations of performance. The platform operates on a model that promotes collaborative governance, removing intermediaries and allowing for direct interactions between participants. Revenue is derived from transaction fees associated with the use of its smart contract infrastructure, as well as potential partnerships that leverage the platform's capabilities. Specific pricing structures for individual services have not been detailed, but the model emphasizes fair compensation linked to user performance and engagement levels, establishing a transparent and merit-based reward system.In May 2018, Covee Network secured EUR 1.35 mn in Seed funding, led by LocalGlobe, to support its growth initiatives. The upcoming strategy includes the development of additional features within the Covee Protocol to enhance user experience, although specific product release dates are not provided. The company plans to target expansion into new markets across Europe and beyond, aiming to establish a presence in emerging markets by 2024. The recent funding will be utilized to support these initiatives, particularly in enhancing platform functionality and market outreach.

## Funding rounds

- Seed, May 1, 2018, $1.6M — Atlantic Labs, LocalGlobe

## Investors

- Atlantic Labs (https://capitalatlas.ai/funds/atlantic-labs) — Seed
- LocalGlobe (https://capitalatlas.ai/funds/localglobe) — Seed