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Decentralized startup incubator Cofound.it has broken the record for the biggest presale ever, raising $14.8 mln and subsequently canceling its planned ICO.
In a press release on Wednesday, Cofound said that all its CFI tokens had been snapped up by investors within 60 hours of the presale starting June 4.
“Cofound.it offered pre-sale access exclusively to its most engaged supporters via its innovative Priority Pass mechanism. The highly-successful pre-sale means the token crowdsale scheduled to commence today will not take place,” the startup said.
Plans for the ICO, released last month, included a roadmap based on the assumption token sales would reach $12.5 mln.
“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,” CEO Jan Isakovic continued.
“Together, we have set a new benchmark and set of best practices for startups to launch high-volume crowdsales.”
CFI will be issued to investors seven days after Cofound performs an “audit” of the sale, and is expected to trade on “major exchanges,” details of which are yet to be confirmed
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