Sign up for our daily briefing
Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Want a daily digest of the top DC news?
Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.
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.