September 08, 2017
Alex Wilhelm is the Editor in Chief of Crunchbase News, covering the intersection of startups and money.
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Morning Report: The Filecoin ICO, also backed by traditional venture capital firms, closes with just under $258 million in funds raised. How much money is that?

The Filecoin ICO is in the books. The results of the raise amounted to $52 million from venture capitalists and $205.8 million from normal channels according to CoinDesk. The total makes Filecoin the largest ICO to date.

As Crunchbase News noted before, questions abound with Filecoin, including when the distributed storage network will, in fact, launch. The coin’s website, as of the time of writing, notes that its token sale has ended; however, there is no obvious launch information.

That status matches what the Wall Street Journal reported in August: “[T]he tokens being bought in this sale won’t be delivered until the Filecoin Network launches. Currently, there is no launch date set.”

From a normal investing perspective, this is odd—at least in terms of when a company should raise external capital. But let’s ask ourselves a different question: just how much money is $258 million?

That’s an attempt to show how $258 million compares to early-stage funding, super late-stage funding, and even venture firms that run seed-ish funds. To summarize: $258 million is a lot of money.

What is interesting in the case of Filecoin is that the bet is placed and the wheel is spinning. We’ll see.

From The Crunchbase Daily:

Equifax breach affects 143M in US

  • Credit reporting agency Equifax disclosed a security breach affecting 143 million U.S. consumers, exposing names, Social Security numbers, birth dates, addresses, and other sensitive information. The intrusions, which took place between May and July, represent one of the largest-ever security breaches involving consumer data.

Summer not to blame for slow exits

  • Startup funding and acquisitions have been slow over the past few months in the U.S., but it probably wasn’t because of summer vacation. A Crunchbase News analysis of seasonal patterns in startup deal-making finds that summer is usually pretty average for funding and M&A. That said, activity does tend to pick up some in the fall, particularly for IPOs.

SheWorx spotlights London founders

  • London is home to a lot of startups with women founders. To help investors find them, networking group SheWorx and Crunchbase have compiled a list of 85 female-founded companies that are actively fundraising in London. This newest list follows similar, earlier ones for founders in New York and San Francisco.