$10 Mln ICO: Blockchain Capital Outlines Terms of Funding Round
Blockchain Capital has announced the terms of its upcoming funding round. $10 mln out of 50 to be secured via an ICO - unprecedented for VC market.
On Monday, Blockchain Capital has released an investment memo for its upcoming round of funding. The company plans to secure $50 mln, out of which $10 mln will be funded via an ICO - the first such instance on the VC market.
Blockchain Capital is a venture capital company founded in 2013 by Bart Stephens, Bradford Stephens and Brock Pierce. It invests in Blockchain-related companies.
The upcoming funding round is the third one over the past year for Blockchain Capital. The crowd sale is set to launch on April 10; where ten mln BCAP tokens will be offered to investors at a price of $1 each, amounting to $10 mln in total.
The crypto tokens will be based on the Ethereum platform. Their emission is managed by the Blockchain Capital TokenHub Pte. Ltd., a subsidiary body of the Argon Group Holdings, which itself is an investment bank specialized in digital finance, including cryptocurrencies.
Blockchain Capital, in turn, is the general partner of Blockchain Capital III Digital Liquid Venture Fund, LP («BC III DLVF»), which oversees the process of the ICO.
For more details about the upcoming crowd sale, visit the investment memo page.
During its three years of operations, Blockchain Capital has invested about $40 mln in 43 Blockchain startups, including such projects as Coinbase, Kraken, Ripple, Bitfury, and other