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ICORating Annual Report 2017
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
TABLE OF CONTENTS
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11
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14
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12
10
TABLE OF CONTENTS
ABOUT ICORATING
SOME KEY CUSTOMERS IN TERMS OF AMOUNT RAISED
ICO MARKET REVIEW
ANALYSIS OF THE ICO INDUSTRY IN 2017
KEY 2017 ICO NUMBERS
TOP 20 ICOs IN TERMS OF MONEY RAISED IN 2017
CAPITAL RAISED DURING ICOs BY QUARTER
NUMBER OF SUCCESSFUL ICOs AND CAPITAL RAISED IN 2017
TOP 10 MOST POPULAR INDUSTRIES FOR ICO PROJECTS IN 2017
TOP 5 MOST POPULAR INDUSTRIES FOR ICO PROJECTS IN 2017 BY QUARTER
TOP 10 INDUSTRIES IN TERMS OF CAPITAL RAISED IN 2017
TOP 5 INDUSTRIES IN TERMS OF CAPITAL RAISED IN 2017 BY QUARTER
LOCATION OF ICO PROJECT BASED ON COUNTRY OF INCORPORATION
LOCATION OF ICO PROJECT BASED ON COUNTRY OF ORIGIN
PROJECTS DISTRIBUTION BASED ON CAPITAL RAISED AND ROI
ANALYSIS OF ICO TOKEN TRADING AND ROI IN 2017
PROJECTS THAT RECEIVED INVESTMENTS FROM VC
TOTAL CAPITAL RAISED IN 2017
8
7
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
ICORating annual report '17 3ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
ABOUT ICORATING
ICORating is a rating agency that issues independent analytical research, evaluates ICO projects and
assigns them ratings.
Investing in ICOs is a potentially very profitable but high-risk investment. The ICO market is currently at
a development stage and is not yet fully regulated.
At ICORating we aim to develop clear assessment standards for projects and assign ratings based on a
transparent and standardized scale. A deep and unbiased analysis of a project (the technical features
of the platform, the business model, the team and the strengths and weaknesses of the decentralized
infrastructure) allows us to objectively evaluate risks and create a complete picture of the project and
its potential.
A rating conducted by ICORating provides investors with a foundation for making a well-informed
decision. At the same time, it demonstrates the openness and commitment of its project founders thus
making it more attractive for investors. It increases the chances of a successful fundraising through an
ICO.
Our main mission is to help the market achieve the necessary standards of quality, transparency and
reliability.
LOCATIONS: NEW YORK, SAN FRANCISCO, SINGAPORE, AMSTERDAM, ST.PETERSBURG
$1.23blnProjects listed at the website
with Risk Score and Hype Score calculated
$23.1mlnAverage amount of funds
collected by the projects rated by us
880 $9 mln
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
ICON
$45 mlnIndahash
$42.7 mlnINS Ecosystem
$45.3 mln
WAXToken
$80 mlnNeuromation
$71.6 mlnBANKEX
$70.6 mln
ICORating annual report '17 4ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
SOME KEY CUSTOMERS IN TERMS OF AMOUNT RAISED
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
ICO MARKET REVIEW
We developed a tailor-made approach that considers the specificities of this new industry as well as its
maturity when analyzing and assessing projects. This approach considers the early stages of the
market and it’s innovative nature. Project benchmarking remains a challenge due to the limited
number of analogue firms in traditional market segments.
This scheme* presents a hierarchical structure for blockchain projects and more especially for the ICO
market. The highlighted levels split infrastructure related products versus DAPP which are divided into
sublevels. The scheme is built in a way that the higher the level, the less its scalability. Therefore,
projects that belong to the decentralized application platform and interoperability sublevels are the
most scalable.
Later in the report you will also be able to see how trends in categories of projects staging their ICOs
changed throughout 2017.
*Projects for the scheme were selected based on a threshold of 1 million USD raised through an ICO, and the project token is traded on a
secondary market; exceptions include Filecoin (the token itself is not traded but its futures) and Blockstack. The scheme presents past ICOs.
ICORating annual report '17 5ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
ANALYSIS OF THE INDUSTRY IN 2017
Investment in ICO for the full year 2017 generated an median ROI of . The median amount 116.63%
of funds raised per projects staging their ICOs in 2017 was $1,720,000. The total amount of funds raised
by ICOs in the past year was $6,184,529,460.
Projects such as Filecoin, Tezos and EOS (Stage 1) raised the largest amounts in 2017.
Well established large companies are looking at ICOs as a way of attracting investments. At the end
of 2017, projects that entered the market included CarFix (VLB), Kik (Kin), Hornet, Telegram, Kodak, etc.
The emergence of these type of projects, especially when asset tokenization was involved, raised
questions such as ownership structure and investor rights. We may even question the need to
transform the corporate structure to better adapt with these new ways of raising money.
Only 24% of ICOs in 2017 had an official legal status. We see an increasing trend in these percentages
in 2018. In early 2017, the absolute majority of these projects did not have a token agreement before
the ICO; now, when a quarter of ICOs have legal status, assessment of the quality of development is
affected by the availability of such documentation. This is largely due to the increased interest of
regulators within different countries where ICO campaigns happen. We should also notice new market
behavior such as terminating project activity upon request from regulators (SEC, the Chinese regulator
- National Development & Reform Commission).
Projects with KYC procedures are becoming increasingly more trustworthy. Projects staging their
ICOs with the help of SAFT (Filecoin) raise considerable amounts of funding; these are the first steps
toward a market regulation initiated by investors’ desire to mitigate their risks.
The significant growth in ICO campaigns in 2017 led to the creation of an infrastructure service
providers. Currently there are more than 100 listings (the USA, Russia, the UK, China) with more than 80
companies providing services for staging ready-made ICOs and ICO marketing (the USA, Russia, the UK,
Switzerland, Singapore). There are more than 100 funds investing in ICO tokens and cryptocurrencies
(the USA, Singapore, Netherlands, Cayman Islands).
KEY 2017 ICO NUMBERS
Out of 800 ICOs* completed in 2017, only half raised more than $100,000 and only a third were able to
get listed on exchange markets.
* We consider only the main crowdsale period without the pre-ICO. If a project raised all necessary funds during its pre-ICO and cancelled its
main crowdsale, it is included in this estimation.
ICORating annual report '17 6ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
391 ICOs
funding >$100,000
270 tokens
are traded on exchanges
800 ICOs
in total
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
Q1 Q2 Q3 Q4
0 0
$1,000,000,000
$2,000,000,000
$10,000,000
$3,000,000,000 $20,000,000
CAPITAL RAISED DURING ICOs BY QUARTER
In 2017 the most successful ICO projects were the ones that promised to make blockchain and
cryptocurrencies more suitable for common use: blockchain protocols for exchanges, deposits,
payments, token issuing, rewards, etc. However this does not mean that a project’s focus guarantees
ICO or post-ICO success.
In 2017, there has been an overall upward trend in the accumulated investmements received during ICOs.
ICORating annual report '17 7ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
Fu
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Me
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Project Name
0
$100,000,000
$200,000,000
Ze
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Mo
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coin
TOP 20 PROJECTS BY FUNDS RAISED DURING ICO
3,088,442,163$
1,136,705,856$
33,539,181$
TOP 20 ICOs IN TERMS OF MONEY RAISED IN 2017
1,925,842,260$
ICORating annual report '17 8ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
TOP 10 MOST POPULAR INDUSTRIES FOR ICO PROJECTS IN 2017
The leaders in the implementation of ICOs during 2017 were projects influencing the infrastructure of
blockchain and the financial industry.
Nu
mb
er
of
pro
jects
Industries
0
20
40
Ga
mb
lin
g &
Be
ttin
g
Ma
rke
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g
& A
dve
rtis
ing
Tra
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So
cia
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& C
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on
Inve
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Ba
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& P
aym
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ts
Exch
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& W
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VR
Fin
an
cia
l S
erv
ice
s
Blo
ckch
ain
In
fra
stru
ctu
re
TOP 10 MOST POPULAR INDUSTRIES IN 2017
* A project is considered to be successful if the soft cap was reached, or, if there was no soft cap, the project raised more than $500,000.
UPDATED ANNUAL GRAPH FOR COLLECTED FUNDS AND THE NUMBER OF SUCCESSFULLY COMPLETED PROJECTS
Raised Successfully Completed Projects: 2017
To
tal
am
ou
nt
of
rais
ed
fun
ds
by
mo
nth
, $
Nu
mb
er
of
Co
mp
lete
d
Pro
jects
by
Mo
nth
0 0
$400,000,000 20
$200,000,000 10
$800,000,000
$1,200,000,000
40
$600,000,000 30
$1,000,000,000
$1,400,000,000
50
60
70
Jan JulFeb AugMar SepApr OctMay Nov Dec Jun
NUMBER OF SUCCESSFUL ICOs AND CAPITAL RAISED IN 2017
Investors in 2017 focused their investments on projects that are changing the blockchain
infrastructure as well as in the fields of Data Storage and Payments. These projects have attracted
larger investments than for the market on average.
ICORating annual report '17 9ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
Industries
0
Bu
sin
ess
Se
rvic
es
& C
on
sult
ing
Pre
dic
tio
n M
ark
ets
Inve
stm
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t
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& P
aym
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ts
Inte
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Exch
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ge
& W
alle
ts
Co
mp
uti
ng
&
Da
ta S
tora
ge
Ga
min
g &
VR
Fin
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l S
erv
ice
s
TOP 10 INDUSTRIES WITH HIGHEST FUNDS RAISED IN 2017
Fu
nd
s R
ais
ed
$500,000,000
$1,000,000,000
$1,500,000,000
Blo
ckch
ain
In
fra
stru
ctu
re
TOP 10 INDUSTRIES IN TERMS OF CAPITAL RAISED IN 2017
TOP 5 MOST POPULAR INDUSTRIES FOR ICO PROJECTS IN 2017
BY QUARTER
In Q4 2017, trending industries were Banking and Payments, Marketing and Advertising, Blockchain
Infrastructure, Financial Services and Gaming/VR. The number of projects in these industries are
expected to grow during Q1 2018.
Nu
mb
er
of
pro
jects
TOP 5 MOST POPULAR INDUSTRIES IN 2017 BY QUARTER
Q1 Q2 Q3 Q4
Industries
Industry
0
25
50
100
75
125
Trading
Social Media & Communication
Business Services & Consulting
Investment
Banking & Payments
Exchange & Wallets
Computing & Data Storage
Gaming & VR
Gambling & Betting
Financial Services
Blockchain Infrastructure
Marketing & Advertising
Australia
$26mln / 7
Israel
$2mln / 1
The Federation of Saint Kitts and Nevis
$0,167mln / 1
Canada
$1mln / 1
Cayman Islands
$93mln / 5
Curacao
$0 / 1
China
$36mln / 6
Japan
$116mln / 4
Cambodia
$10mln / 1
India
$13mln / 4
UAE
$0,577mln / 1
Seychelles
$10mln / 11
Mauritius
$4mln / 1
Samoa
$5mln / 11
Costa Rica
$6mln / 1
Ukraine
$0 / 2
the UK
$289mln / 22
S. Korea
$37mln / 3
Malaysia
$5mln / 1Philippines
$1mln / 1
the USA
$626mln / 45
Panama
$5mln / 1
Russia
$19mln / 4
Singapore
$477,5 / 25
Hong Kong
$0,225mln / 1
EUROPE
$878mln / 71
British Virgin Islands
$72mln / 6
Island of Nevis
$2mln / 1
LOCATION OF ICO PROJECT BASED ON COUNTRY OF INCORPORATION
The most frequent countries for business registration are the USA, Singapore, Switzerland, Estonia and
the UK. Singapore's leadership, for example, is largely influenced by China's negative attitude towards
ICOs. At the same time, Estonia is one of the most ICO friendly countries.
ICORating annual report '17 10ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
During the last three quarters of 2017, investment in projects aiming to change the blockchain
infrastructure have experienced a growth trend.
TOP 5 INDUSTRIES WITH HIGHEST SUM OF FUNDS RAISED IN 2017 BY QUARTER
Prediction Markets
Internet & Telecommunications
Q1 Q2 Q3 Q4
Industries
0
Fu
nd
s R
ais
ed
$500,000,000
$1,000,000,000
$1,500,000,000
Social Media & Communication
Business Services & Consulting
Investment
Banking & Payments
Exchange & Wallets
Computing & Data Storage
Gaming & VR
Gambling & Betting
Financial Services
Blockchain Infrastructure
Industry
TOP 5 INDUSTRIES IN TERMS OF CAPITAL RAISED IN 2017 BY QUARTER
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
PROJECTS DISTRIBUTION BASED ON CAPITAL RAISED AND ROI
Based on the statistics for token trading in 2017, a high amount of funding raised and excitement
around a project is not a guarantee of a high return (high multiplier) on investment.
ICORating annual report '17 11ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
ICO ROI BY FUNDS RAISED
ROIFunds Raised during ICO
$50,000,000
0 0%
$100,000,000
1000,000%
$150,000,000
3000,000%
5000,000%$200,000,000
2000,000%
$250,000,000
4000,000%
6000,000%
EtherollWings
Neblio
Decentraland
Edgeless
Tokens with ROI over 5,500% were eliminated in order to make the plot more interpretable.
Argentina
$26mln / 2
Brazil
$19mln / 2
Australia
$132mln / 13
Israel
$330mln / 11
Belize
$4mln / 2
Canada
$233mln / 13
British Virgin Islands
$16mln / 3
Nigeria
$0,019mln / 1
China
$273mln / 17
Japan
$180mln / 7
Cambodia
$10mln / 1
Vietnam
$0 / 1
Thailand
$0 / 1India
$33mln / 5
UAE
$6mln / 3
Seychelles
$13mln / 3
Chile
$0,6mln / 1
Costa Rica
$16mln / 3
Georgia
$0,006mln / 1
Ukraine
$0,353mln / 1
the UK
$200mln / 32
Kazakhstan
$0,3mln / 1
S. Korea
$103mln / 7
Malaysia
$9mln / 4
Mexico
$0 / 1
the USA
$2025mln / 114
Taiwan
$23mln / 2
Marshall Islands
$0 / 1
Panama
$1mln / 1
Russia
$622mln / 96
Singapore
$446mln / 31
Hong Kong
$18mln / 4
South Africa
$15mln / 4
EUROPE
$997mln / 121
LOCATION OF ICO PROJECT BASED ON COUNTRY OF ORIGIN
In 2017, the United States, Russia and the United Kingdom were the most active countries in investing
through ICOs. The same countries were leaders in the total amount of funding raised by projects.
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
BEST ROI RESULTS AS OF 31.12.2017
When considering the best ROI results for 2017, we excluded some tokens due to their highly
speculative nature.
ICORating annual report '17 12ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
Project Name
Ethereum.link
Lunyr
Ignis
Matchpool
Edgeless
0.0173LNK
0.0227LUN
0.04IGNIS
0.0083
0.04
GUP
EDG
63.89
23.33
14.25
0.877876
2.25
369206.36%
102675.33%
35525.00%
10476.82%
5525.00%
NEO
ICON
Populous
OmiseGO
Wings
0.03NEO
0.01ICX
0.25PPT
0.35
0.028
OMG
WINGS
75.96
5.35
41.53
19.89
1.27
253100.00%
53400.00%
16512.00%
5582.86%
4435.71%
ICO token
price, $
Тoken Current price
(2017/12/31), $
ROI
ANALYSIS OF ICO TOKEN TRADING AND ROI IN 2017
Based on projects that started trading in 2017, the average return on tokens for the year 2017 was
116.63%. The following table shows price data during ICO and considers possible discounts in the
pre-ICO sale.
WORST ROI RESULTS AS OF 31.12.2017
Project Name
DS Plus (PlusCoin)
Encrypgen
Bolenum
OX Fina
Facecoin
13PLC
2843DNA
5.76BLN
0.07
1.4
OX
FC
0.000742
0.688885
0.023157
0.000497
0.012987
-99.99%
-99.98%
-99.60%
-99.29%
-99.07%
PLUSCOIN
BlockMason
E4ROW
Hero
Gimli
10PLC
307.35BCPT
13.24E4ROW
2.5
2.03
play
GIM
0.000742
0.456501
0.088776
0.020260
0.059372
-99.99%
-99.85%
-99.33%
-99.19%
-97.08%
ICO token
price, $
Ticker Current price
(2017/12/31), $
ROI
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
ICORating annual report '17 13ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
Bread
Cappasity
Playkey
Ripio
Cindicator
investFeed
Oct 1, 2015
Dec 18, 2015
Jul 16, 2017
Sep 1, 2013
Jun 30, 2016
Nov 1, 2014
$1,200,000
$700,000
$2,800,000
$3,725,000
Apr 1, 2015
Jun 17, 2014
Jan 4, 2017
$250,000
$250,000
Liberty City
Draper Associates
Digital Currency Group
Plug and Play
South Ventures
Starta Capital
Fenbushi Capital
NXTP Labs
IIDF
The Whittemore Collection
East Ventures
and Angels
Boost VC
Pantera Capital
Angels
Digital Finance Group
Clarsia Investments
Wicklow Capital
Project Name
Storj
Civic
Blackmoon
1 Feb 2016
Jan 29, 2016
Nov 10, 2016
$2,000,000
$2,750,000
$2,500,000
Transaction DateFunds Transaction Sum
GVA.CAPITAL
Future Perfect Ventures
Pantera Capital
Flint Capital
Bitcoin Capital
Founder Collective
Social Leverage
Target Global
13 of the project that staged their ICOs in 2017 (out of those traded on the exchanges) recieved more
than $97,180,000 of investments from VC, Angeles, and other companies since the launch of their
projects and to the start of their ICOs.
PROJECTS THAT RECEIVED INVESTMENTS FROM VC
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146
TOTAL CAPITAL RAISED IN 2017
In most cases projects raised less than half a million dollars through an ICO. This could indicate an
insufficiently prepared or simply an inadequately grounded project that doesn’t attract investor
appetite.
ICORating annual report '17 14ICORATING.COM
Secondary Contact:Mikhail Mironov, Head of Sales and Partnerships, Amsterdam, +31 6 83624781, [email protected]
Primary Contact:Brian Kean, CBDO, New York | San Francisco, +1 6095980797, [email protected]
OVERALL ICO FUNDING AMOUNT IN 2017
100 200 3000
1-5 mln USD
0,5-1 mln USD
0-0,5 mln USD
10-25 mln USD
50-100 mln USD
100-150 mln USD
5-10 mln USD
25-50 mln USD
>150 mln USD
Projects
Fu
nd
ing
ra
ise
d
Apr 19, 2016
Sirin Labs
Tierion
Unikrn
Viberate
Apr 25, 2016
Apr 29, 2016
Jun 30, 2015
Feb 6, 2017
$72,000,000
$1,000,000
$7,000,000
$1,005,000
Fenbushi Capital
ABC Accelerator Group
Digital Currency Group
500 Startups Binary Capital
Renren
Blockchain Capital
MEAN CAPITAL RAISED DURING ICOs BY QUARTER
Q1: 33,539,181
Q2: 1,136,705,856
Q3: 1,925,842,260
Q4: 3,088,442,163
Q1: 3,353,918
Q2: 17,761,029
Q3: 12,424,789
Q4: 8,001,146