Science Blockchain Incubator Partners with TaaS Fundbr>
Since its founding in 2011, Science Inc. has created and incubated over 70 companies operating out of its office space in Santa Monica, California. Of their portfolio companies, notable exits include Dollar Shave Club (acquired by Unilever for $1B), HelloSociety (acquired by the New York Times), and Famebit (acquired by Google).
The company recently launched Science Blockchain, which will be the first incubator funded through an initial coin offering (ICO) and focusing on blockchain technology companies. The Incubator will partner with what it views as leading entrepreneurs to invest in and build a portfolio of blockchain and cryptocurrency related businesses that it feels are positioned for long term success.
Science Blockchain seeks to raise $100 million through their ICO. Their token yields a percentage ownership of their fund, which would be tied through smart contract to deliver any additional tokens distributed by its companies in the future. Argon Group will be its adviser on the launch.
TaaS is a tokenized closed-end fund designed to reduce the risks and technical barriers of investing in the blockchain space. Built on a profit-sharing smart contract, TaaS introduced a Token-as-a-Service business model, allowing investors to subscribe to the fund’s income stream.
TaaS launched a publicly-available technology called Cryptographic Audit. Cryptographic Auditing will allow token holders to monitor the performance of the fund in near real-time without prior blockchain experience. The technology will ensure that all profits are properly recorded, money flow is transparent, and the company is in possession of all declared funds.
By working with TaaS, Science and its investors potentially will benefit from greater visibility, investment and liquidity from incubated projects, given TaaS’ platform features that simplify and secure token investment – making it easier for investors to enter and participate in ICOs and the crypto space in general. TaaS, for its part, will be better able to leverage more early-stage, higher-quality project investments, given Science Blockchain’s legal, technical and operational experience.
Science Blockchain’s ICO is currently underway, and while the composition of its portfolio is evolving, it’s expected that the completion of the funding event and development of its investments will accelerate the ways in which Science and TaaS will work together both as co-investors and as technology partners.
“When we met the TaaS team in their hometown of Kyiv at the d10e Conference, we knew a partnership might work beautifully for us both,” said Science Blockchain founder Greg Gilman. “Both Science and Taas are founding members of the Blockchain Investors Consortium (BIC) and share the view that blockchain technology can and should grow into a mainstream platform for a wide variety of business applications. For that to happen, however, funds like ours, as well as our investor bases, need to lower the barriers to greater sophistication, better tools and more mature approaches to how we identify, support and scale portfolio companies.”
Taas Fund co-founder and president Ruslan Gavrilyuk said that TaaS helped pioneer the idea of a token-as-a-service business, and Science Blockchain’s commitment to scaling innovative applications of blockchain tech is a perfect opportunity for the kind of partnership for which they designed its fund – financially sophisticated tech entrepreneurs looking to create mainstream value from an emerging technology.
“We think the Science Blockchain model is an elegant and sophisticated way to help create numerous quality blockchain businesses, and the SCI token itself is both unique and potentially very valuable as an investment vehicle,” said Gavrilyuk. “We look forward to working with Science and its portfolio companies on improving the business use cases of blockchain technologies, cryptocurrencies and ICOs.”
“When two experienced, professional teams come together from the West and from the East around a shared set of goals, they are bound to create more value that they could individually,“ said Mike Costache, Advisory Board member to both TaaS and Science Blockchain, and founder of Blockchain Investors Consortium, which currently has 100 crypto-hedge fund members with over $2 billion of digital assets under management. “Having worked closely with TaaS’ founders since before their ICO, we created a high standard for due diligence after looking at over 200 ICOs and invested in 14 so far. I look forward to Science Blockchain making co-investments along side TaaS and the other crypto hedge funds.”