Mozilla's Former Boss Raises $35 Million for New Startup

Mozilla’s Former Boss Raises $35 Million for New Startup

Mozilla's Former Boss Raises $35 Million for New Startup

Brendan Eich – the creator of Javascript and former boss of Mozilla raised $35 Million for his new venture ‘Brave’ in the form of an ICO (Initial Coin Offering). Initial Coin Offering is a form of company fundraising wherein the investors are given bitcoins or cryptocurrency as opposed to raising funds against shares in the company (known as an Initial Public Offering). Brave – which is Eich’s solution to the shortcomings of the current Internet Advertising Systems – raised this amount in 30 seconds. However, what’s more interesting than the amount raised is the fact that Brave provided its own current called the Basic Attention Token (BAT).

Brave offered for sale tokens worth 156,250 ETH that can be used to get a variety of advertising and attention-based service on the platform. The sale witnessed one buyer alone purchase $4.7 Million worth of BATs and another acquire about $6000 worth of BATs making them the top bidders. That said, the entire round was completed by a mere 130 investors, with more than half of the fund being provided by only 5 investors.

The Brave platform, which has an in built ad-blocking system, was to give users the ability to view ads from the Brave network in place of standard site ads and to earn bitcoins for doing so. It did make a shift from its original plans by initiating this ICO, which is also indicative of a change in the model wherein the bitcoins earned will also be in the form of the BAT.

Apart from this, a further 500 Million BATs are stored for user growth and Token Development. While Eich plans to use the proceeds of this ICO to develop its platform, he does not plan to conduct another taken sale anytime in the near future.

Megha Shah for 

Megha Shah
Megha Shah
A dreamer, traveler, aspiring entrepreneur and a bookworm beyond repair, Megha Shah is extremely fond of writing and has been doing so since she was a child. Apart from being a part-time writer, Megha is currently in college, pursuing B. Com. (Hons). Megha is an ardent follower of ‘Hardship, Hustle and Heart’ and firmly believes in the power of hard work and destiny!

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