Cofound.it is a distributed VC ecosystem “for the distributed future”. Find out how the global platform plans to connect startups and investors today.
What Is Cofound.it?
Cofound is a platform that promises to connect exceptional startups, experts, and investors around the world. It’s a distributed global VC ecosystem “built by the blockchain community for the blockchain community”. The company can be found online at Cofound.it.
Basically, it’s a startup accelerator based around a token system. Cofound.It tokens are called “CFI tokens”.
Cofound has been in headlines this past week after it broke records for the biggest presale ever. The company raised $14.8 million in its presale, during which all CFI tokens were snapped up by investors. As a result, the company canceled their ICO. All coins had been sold within 60 hours of the presale’s launch.
The presale was exclusively available to users holding the Priority Pass. Those users included the company’s “most engaged supporters”. Many are praising Cofound.it for their innovative Priority Pass system, which could change the nature of ICOs in the future.
The Cofound.it ICO was initially scheduled for later in June. The goal of the ICO was to raise $12.5 million. Thanks to the wildly successful pre-sale, the ICO is no longer required.
The next step for Cofound.it is to continue developing its distributed venture capital platform that connects exceptional startups with world-leading experts and investors, explained CEO Jan Isakovic in a press release.
“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. Together, we have set a new benchmark and set of best practices for startups to launch high-volume crowdsales.”
Cofound’s Goals For 2017 & 2018
With the funding from the presale, Cofound plans to achieve the following goals in 2017:
- Launch 10 projects
- Develop the core foundation for the platform and define the included processes
- Define the initial elements of the platform to crowdsource
- Prepare a foundation to onboard project supporters that are new to the crypto space
For 2018, the company wants to launch 30 projects, continue developing and testing the functionalities introduced in 2017, and enable simple fund collection from project supporters new to the crypto space.
What Is The CFI Token?
The Cofound.it token (CFI token) will primarily be used to pay for services on the platform – like project submission. Each project submission requires expert evaluation. The application will be paid for with a certain number of Cofound.it tokens that will be distributed among the evaluation team.
In order to register and be active on Cofound.it, experts and service providers need to hold a certain number of CFI tokens. When applying to perform a certain task, a certain number of CFI tokens will be put in escrow.
Those tokens will not be released until the task has been performed. This guarantees the delivery and completion of the task. Some of the tasks include:
- Evaluation and project evaluators
- Specific task contributions, like video production, design, or content creation
- Promotion and expert assistance
- Domain experts and expert assistance
- Team project management and coordination
Cofound Plans To Solve Crucial Problems In The Current Token Sale Industry
The over-arching goal of Cofound.it is to solve big problems in the world of token sales. Obviously, token sales have become a popular new way for companies to raise money. We’ve seen an explosion in the number of token sales taking place worldwide.
Many startups recognize the benefits of a token sale – but are clueless on how to actually implement that token sale – or manage investor expectations after the token sale. With that in mind, here are some of the key problems that Cofound.it hopes to solve in the industry:
Lack Of Business Knowledge Among Projects
According to Cofound.it, lots of startups have a solid technical foundation, but lack the business experience to accelerate growth. Cofound.it will offer business experience to those who already have in-depth technical knowledge, helping to grow successful businesses.
Participants Have Trouble Separating Good Tokens From Bad Ones
Identifying quality products in the token sale marketplace can be difficult. Cofound.it will act as a trusted filter of projects. Participants might see that Cofound.it has backed a project, for example, which gives the project additional perceived value and quality.
It’s Difficult To Manage Token Markets After The ICO
Managing post-token sale investor relations can be difficult. It’s a new, highly liquid token market out there, all of which can be unfamiliar to tokenized startups. Investors who participate in token sales often have different expectations than, say, a traditional angel investor. Cofound.it wants to help startups navigate these complicated waters.
Who’s Behind Cofound?
Cofound is led by Jan Isakovic (Co-Founder, Platform and Operations). Prior to co-founding Cofound, Jan spent 20 years working in the world of computer science and startups. He holds twin degrees in Economics and Computer Science.
Other members of the team include Daniel Zakrisson (Co-Founder, Evaluations and Mentoring), an entrepreneur and technologist specializing in software and business development. Daniel has also played a crucial role in a number of different crowdsales, and is a frequent advisor to crowdsale teams.
Cofound.it is an ambitious accelerator platform catered towards startups interested in tokenization. Cofound.it recently made headlines for selling out its total supply of CFI tokens during its pre-sale. As a result, the company’s coin sale never made it to the ICO phase.
Clearly, investors are excited about the future of Cofound.it. Look for the platform to continue growing over the coming months.