Decentralized startup incubator and platform Cofound.it has seen a sellout of its CFI tokens for nearly $15 million, in a presale held before its public ICO crowd sale, the latter which is no longer required.
The pre-sale, which began on June 4, raised a total of 56,565 ETH or $14,859,059, Cofound said in a press release. The presale saw some 1,200 supporters investing $5 million within 3 hours of its opening before ultimately seeing nearly $15 million from 1,521 investors.
“Cofound.it is proud to have made history today as the first crowd sale to completely sell out before its public token sale begins”, stated Cofound CEO and co-founder Jan Isakovic.
Singapore-based Cofound added that its pre-sale was offered exclusively to the platform’s most engaging supporters through its ‘Priority Pass’ feature. The same feature is also made available to startups that complete the platform’s evaluation process, enabling them to gain priority access to the platform’s investors.
“The success of using Cofound.it Priority Pass in the crowd sale has pioneered an innovative way of conducting crowdsales for exceptional startups,” the executive stated. “Cofound.it has established the new standard for allowing developing companies to efficiently reach a high volume of potential investors and to be able to more quickly dedicate their energies to growing their business.”
Cofound claims it has already interacted with 50 crowdsale projects, with six currently accepted to the program. It aims to launch a minimum of 10 startup projects this year before expanding the launch target to 30 projects in 2018.
As Cofound.it moves into the next phase of developing its distributed venture capital platform that connects exceptional startups with world-leading experts and investors, we would like to humbly thank our supporters and investors for helping us close out our pre-sale in such grand fashion.
Investors will see their CFI tokens issued within 7 days of a sale audit by Cofound. The incubator adds that the token is “expected to be traded on major exchanges’ in the coming weeks.
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