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Rebecca Zisser / Axios

Science Inc. announced in August that it would raise up to $100 million via an initial coin offering, for the purpose of funding a new incubator cohort of blockchain-based startups. But, with less than a week to go, Science only has raised around $12 million.

Why it matters: These results show that the current token sale craze won't result in wild success for everyone. It also raises questions as to whether investors saw true value in backing a startup incubator for the promise of returns from the yet-to-be-selected startups.

A Science inc. spokesperson tells Axios it had a soft cap of $50 million and points to the modest $10 million that funded Science's first traditional incubator program, which yielded Dollar Shave Club. For context, Blockchain Capital, a VC fund that invests in blockchain-based companies, also raised $10 million through an ICO.

Statement from Science: We had a soft cap at $50 million. We're very happy with the amount raised so far. For context, our first Science incubator, which led to great exits for Dollar Shave Club, HelloSociety and Famebit, raised $10 million. Brock Pierce [co-founded] Blockchain Capital, the only other investment vehicle to do an ICO like this, raised $10 million in its ICO.Beyond that, a lot of changes have happened in the cryptocurrency and ICO market since we pre-announced, and since we're doing a regulated ICO, we're also more restricted in how we can raise. For example, most ICOs give major discounts to people who invest in pre-sale. Because we're doing a regulated securitized ICO that complies with the SEC, we can't give those kinds of discounts. We also can't accept investments from active crypto markets like China.Again, we're really happy with this outcome, and we've gotten lots of valuable experience and insight that we can pass along to the portfolio companies we're actively incubating now.

This article has been updated to note Brock Pierce is a co-founder of Blockchain . The company says he's no longer involved in day-to-day operations.

Go deeper

The hard math behind America's labor shortage

Data: Bureau of Labor Statistics, Congressional Budget Office; Chart: Axios Visuals

Yes, the pandemic has created unusual temporary labor market dynamics. But in the bigger picture, the 2010s were a golden age for companies seeking cheap labor. The 2020s are not.

The big picture: In the 2010s, the massive millennial generation was entering the workforce, the massive baby bo0m generation was still hard at work, and there was a multi-year hangover from the deep recession caused by the global financial crisis.

Advocates fret Roe v. Wade's 49th anniversary could be its last

Photo: Leigh Vogel/Getty Images for Women's March Inc

As Saturday marks the 49th anniversary of Roe v. Wade, the Supreme Court's landmark decision that legalized abortion access in the U.S., advocates warn the ruling is "more at risk now than ever."

The big picture: The Supreme Court in December heard a challenge to a Mississippi 15-week abortion ban that could throw Roe's survival into question, or at least narrow its scope.

Updated 11 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies — Federal judge blocks Biden's vaccine mandate for federal workers.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker