Cofound.it to begin token crowdsale
Cofound.it, a company that connects startups with experts and investors through its decentralized platform, plans to raise funds May 24–June 24 through a token crowdsale on an Ethereum smart contract, according to a press release. The company will issue CFI access tokens to purchasers.
"The CFI crowdsale will help build a serious contender to the $130 billion startup investment space, eliminate the traditional need for venture capital investment, and empower visionaries to fulfill their entrepreneurial spirit from anywhere in the world, not just Silicon Valley," Cofound.it CEO and co-founder Jan Isakovic said in the release. "CFI will function as the currency of Cofound.it's global marketplace platform, which will connect token crowdsale projects with world-leading experts, tools, and services. This platform, built by the blockchain community for the blockchain community, will replace the VC funding model and facilitate remote mentorship and collaboration, creating a Silicon Valley for the new distributed age."
The first $2.5 million raised will fund initial development; each additional $1 million (up to a total of $12.5 million) will go toward a new regional subsidiary and an additional expert for two years, according to the release.
"Cofound.it implements a rigorous process to vet token crowdsale projects," said Daniel Zakrisson, cofounder and head of evaluations and mentoring at the company. "This includes meeting members of the team in a two-day workshop to understand team dynamics and undergo full due diligence. Investors in Cofound.it's token crowdsale will be granted access to see the projects that were rejected from the Cofound.it program, providing them with transparency. Adding stretch goals for the crowdsale will let Cofound.it accelerate its platform expansion and growth in an efficient way."