Science, a startup incubator, is launching a program targeting blockchain-related companies.
The incubator, which has invested in companies like Dollar Shave Club and DogVacay, has earmarked as much as $100 million for the program, according to sources cited in the Wall Street Journal.
The program, dubbed Science Blockchain, won’t be conventional. It will raise capital through an “initial coin offering,” an unregulated way of crowdfunding through cryptocurrency.
The Wall Street Journal reports:
Science Blockchain’s ICO, which the firm described as the first incubator to raise funding through an ICO, will enable holders of its tokens to make money in two ways. Holders of the incubator’s tokens also will receive tokens in the incubator’s blockchain-focused startups, which could themselves carry out ICOs. In addition, a fixed percentage of returns when the incubator’s portfolio companies are acquired will be used to buy back incubator tokens on the market.
“We believe that using an ICO as a vehicle and methodology for raising capital is the right way do it,” Mike Jones, founder of Science, told the paper.
Jones announced Science Blockchain this week at the Fintech Week conference in California.