EMERGING TECH
EMERGING TECH
EMERGING TECH
Startup incubator Science looks to raise $50-100M in initial coin offering for new fund
Startup incubator Science Inc. is delving into the world of initial coin offerings with an ICO that will raise money for a new blockchain-focused investment fund.
The Science Blockchain Fund, believed to be looking to raise between $50 million and $100 million according to The Wall Street Journal, intends to use the funds to invest in companies developing and deploying blockchain technology, including companies that are either looking at their own ICOs or providing services to others in the ICO market.
Due to open to the public Oct. 2, with pre-sales starting Sep. 18, the Science Blockchain ICO is being structured to allow investors participating to gain additional benefits from the coin raise besides the traditional ability to trade the tokens themselves. The first “upside” addition is exclusive “direct distribution” of tokens issued by portfolio companies Science Blockchain has invested in. The second is the ability to sell tokens based on distributions from the sale of portfolio companies.
With the legality of some ICOs coming into question given a recent ruling from the Securities and Exchange Commission, the company believes it has its bases covered. “We wanted to put our money where our mouths were out of the gate,” Science founder and Chief Executive Officer Mike Jones said in a statement, “and we also see a major opportunity to help set a new bar for ICOs themselves, so from the outset, we’ve intentionally looked to issue security tokens under the Regulation D exemption from registration set forth by the U.S. Securities and Exchange Commission.”
Unlike some companies offering ICOs with nothing more than blueprints and pipe dreams for future business ideas, Science enters the market having already co-founded or invested in more than 70 companies and exited from multiple companies, including Dollar Shave Club, HelloSociety and FameBit.
Any investment in the emerging blockchain and ICO market is always risky. But the market may get more credibility with the entry of a serious player with investment experience.
Image: Science
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