How ICOs Could Profoundly Impact Venture Capital

I’m sure you have heard a lot about ICOs (initial coin offerings) recently. Startups are raising millions with them. Bancor raised over $153 million. TenX raised $80 million. Our portfolio company, Omise, recently raised $25m.

Many more startups have theirs on the way.  So, in midst of all this excitement, I wanted to take a step back to think about how ICOs could profoundly impact venture capital.

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The Low Hanging Fruit Strategy

When Yohei and I initially started raising our fund, our first step was to approach famous angel investors. Many of these angels could only write us $300K — $1m checks. But for a $30m fund target, that wasn’t going to move the needle very much. We would have probably needed 30–60 angels to top up our fund. It would have been a very inefficient fundraising process, and a huge pain to manage so many investors afterwards.

So why did we approach them first?

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