Following up on a scoop at Blockchain News via the d10e conference in Bucharest in February 2017, Blockchain Capital, the premier venture capital firm investing in blockchain technology companies, has officially announced its intention to raise its third fund via a combination of a traditional limited partnership called Blockchain Capital III, LP and an additional fund offered via a digital token called the BCAP.
In line with its strategy to drive innovation based on blockchain technology, the partners decided to pursue a parallel offering of Ethereum-based tokens, issued by a Singapore entity, that would represent an evergreen fractional ownership in a new fund called Blockchain Capital III Digital Liquid Venture Fund, LP.
“Blockchain Capital is the first venture fund to offer its own digital tokens and it’s expected to be a major disruption to the venture capital industry,” said Brock Pierce, Managing Partner of Blockchain Capital. “We’re providing the investor base across the globe with the opportunity to invest into a leading venture fund via a liquid, tradable, digital token. We also believe we are democratizing access to an asset class traditionally only available to elite institutional investors.”
“In this environment of minimal IPOs, giving investors a new liquidity mechanism through this innovative, smart contract-driven, token technology is a unique and important value proposition,” said Brad Stephens, Managing Partner of Blockchain Capital.
The investment focus of the new fund will continue Blockchain Capital’s established practice of identifying outstanding blockchain technology companies led by ambitious management teams and partnering with them to accelerate growth. As enterprise use cases for the Blockchain proliferate across industries beyond financial technology, this capital raise gives Blockchain Capital the opportunity to maintain its leadership position in supporting the broadening ecosystem.
Blockchain Capital’s current portfolio comprises 43 unique companies from its prior two funds. These include BitFury, BitGo, BitPesa, BlockCypher, Blockstream, Chain, Coinbase, Gem, GoCoin, ItBit, PeerNova, Ripple, Wave, and Xapo, among other blockchain technology leaders. Recent successful exits include Twilio, where Blockchain Capital sold its shares in Authy to Twilio, which then had a successful IPO.
The offering will be bookrun by The Argon Group, via its subsidiary Argon Investment Management LLC, under Regulation D Section 506(c) and Regulation S exemptions from registration with the U.S. Securities and Exchange Commission.
Full details of the offering will be disclosed in the offering memorandum, which is expected to be published on April 3, 2017 via www.vctoken.com.
Blockchain Capital is the premier venture capital firm investing in blockchain technology companies. Launched in 2013, Blockchain Capital’s initial fund was the first venture capital fund dedicated to the Bitcoin / blockchain ecosystem, and was also the first fund to accept capital calls in Bitcoin. Blockchain Capital is a sector specific, multi-stage, venture capital firm that seeks to gain diverse exposure to the blockchain ecosystem while offering unique co-investment opportunities and proprietary deal flow to its investors. The firm was founded by Bart Stephens, Brad Stephens, and Brock Pierce. For more information, please email contact@blockchain.
The Argon Group (the “Group”) is an investment bank with a focus on digital finance – the emerging crypto-currency and token-based capital markets. The Group provides financial advisory, placement, and technology services to companies seeking to raise equity, debt, and non-dilutive capital. The Group develops technical placement solutions, including digital tokens powered by advanced smart contracts, which Argon operates through a digital asset placement platform called TokenHub.com. The Group is also developing NYCEX, a digital asset and crypto-currency exchange, which will be on the cutting edge of technology and compliance. For more information, please email email@example.com, follow @theargongroup, visit the website www.argongroup.com or call 650-665-9210.
- OpenLedger’s Apptrade (www.apptrade.io), the platform creating “Kickstarter for Apps on the Blockchain”, has received a $100,000 USD boost from OpenLedger ApS, the world’s first blockchain powered conglomerate. Powered by the digital token APPX, Apptrade creates portfolios, or groups, of apps, where if one of those apps becomes the next Instagram or Angry Birds, then the value of the portfolio rises. Ronny Boesing, CEO of OpenLedger ApS, explained that Apptrade’s initial token offering (ITO) changed its valuation in the middle of its crowd sale as an immediate response to the result of its preliminary offering. Boesing said, “The Apptrade platform is much too important to not succeed, and it was clear that we needed to adjust the valuation to make it more appealing to anyone deciding to participate. In addition, we wanted to show our belief in this project, and felt that there was no better way to show this than putting our money where our mouth is. OpenLedger will be adding a total of $100 000 USD to the Crowdsale over the next 7 days.” The minimum fundraising goal is $1M USD with a cap of $5M USD. With a total of 8.25M APPX tokens on offer, OpenLedger’s Apptrade ApS will back these tokens with 20% of the future revenue from the Apptrade platform, and any unsold tokens will therefore be distributed proportionally to all participants. All early bird participants, as well new participants, will receive the extra tokens according to the published Stage 1 structure, plus benefit from the additional tokens to be divided. Daniel Pineda, Founder of Apptrade says, “After listening carefully to feedback from public and private supporters, and with great consideration, we decided to update our master token valuation. We firmly believe that our platform, built on the ecosystem of OpenLedger and powerful BitShares financial trading technology, is a strong Blockchain project that will be a success for years to come. We feel that this is the right action to ensure a satisfactory outcome for all.” Apptrade’s final valuation is going to be based on the amount raised, whether $1M USD as its threshold or money back guarantee, or the maximum of $5M USD. The valuation of the Apptrade platform will be determined on what is raised. The deadline according to the escrow agreement is set to end on April 30 2017. Boesing continued, “This approach and change of valuation resulted from requests from within the community, and we hope to accommodate many more participants. But one thing is clear to all of the Early Birds – this is your lucky day!” - March 27, 2017
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