Maltese blockchain entrepreneur Max Thake has announced that the company he co-founded, peaq, has raised another $15 million in capital during a pre-launch funding round led by Generative Ventures and Borderless Capital.

Mr Thake, who lives between Portugal and Malta, said that the funds will go towards “making it easier and faster for apps to build, launch, and scale on the peaq network.”

peaq bills itself as a global, decentralised network built to power applications in industries such as mobility, energy, and telecommunications.

Last year, it registered a major success when a Vienna-based car-sharing company placed over 100 of its Teslas on the blockchain-powered network. Over 20 other applications are building on peaq.

Another example of an application powered by peaq that shows the network’s potential and is currently available for download, Mr Thake adds, is one called Silencio, which rewards users for tracking noise pollution.

This is not the first time the company has raises capital from investors – it also raised €6 million in 2022.

In announcing the success of the latest funding round, Mr Thake said he and his co-founders Leonard Dorlöchter and Till Wendler are “on a mission to power a global infrastructure revolution.”

The peaq network and token are due to launch in the coming weeks, with a public token offering before that.

He said he is “immensely grateful to everyone who had a hand in getting us this far,” giving special credit to Mr Wendler, “who pushed as hard as anyone in the last months,” and to Michael Ganser for his “guidance, challenges, and perspective.”

“We've been building peaq in various shapes and forms for over six years,” he wrote. “This has been the best possible university for this kind of venture. peaq today is a culmination of those years. There's no substitute for experience, and there's nothing more powerful than an idea whose time has come.

“peaq's time is now.”

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Robert Fenech

Robert is curious about the connections that make the world work, and takes a particular interest in the confluence of economy, environment and justice. He can also be found moonlighting as a butler for his big black cat.