t3rn is thrilled to announce that we have concluded our seed sale, led by Polychain Capital, with participation from IOSG Ventures, Digital Finance Group and a selection of key angel investors totalling $1.35million of investment.
The funds will allow t3rn to grow the team, specifically in development, marketing and human resources, while ramping up marketing efforts to raise awareness around the t3rn project.
There was considerable interest in the t3rn seed sale, as such it was a key priority that all investors were carefully selected on merit.
The unique value add propositions included track records of successfully scaling early stage projects, recruitment support in key areas of hiring, standing within the Polkadot ecosystem, solid foundations in Asia, a key target region for expansion for t3rn, as well as provable long term commitment to portfolio companies.
The prerogative throughout the investment round was to have a very limited number of carefully selected participants, in order to maximise scope for meaningful collaboration. Ultimately, seed sale participants were regarded as long term partners and collaborators with the t3rn project, rather than purely investors.
t3rn is a hosting platform for smart contracts that makes execution across multiple, independent blockchains possible.
t3rn was created to enable trust-free collaboration within the Polkadot ecosystem and harness this synergy to mould an ecosystem in which any developer who would like to deploy a blockchain agnostic smart contract can do so easily. t3rn aims to ultimately operate as a Polkadot parachain to ensure unparalleled security and stability throughout the t3rn product.
The t3rn offering places a strong emphasis on remunerating the developers within blockchain ecosystems by allowing them to make their smart contracts available to all t3rn users and be rewarded every time their smart contract is used.
Polychain was the lead investor in t3rn’s seed sale.
Since being founded in 2017 by Olaf Carson-Wee, the first employee at Coinbase, Polychain has become one of the most established venture capital funds in the cryptocurrency space, with backing from the likes of Sequoia Capital. Polychain’s investment thesis is founded upon a long term view of how the blockchain industry will evolve and the fund boasts an unrivalled track record of turning their portfolio companies into some of the leading players in the industry.
IOSG was founded in 2017 and is an investment fund that is heavily focused on bringing the most innovative developer focused tools to market as well as honing organic community growth. IOSG is one of the best known investment funds in Asia and prides itself on working extremely closely with all of its portfolio companies, leveraging its heavily experienced team and advisors to ensure success.
Digital Finance Group, founded in 2015, is one of the most active investors in the Polkadot ecosystem and has played a key role in funding some of the foremost companies in the blockchain space, including LedgerX, Bloq, Circle, Brave and Centre, where DFG was the lead investor that made the USDC stablecoin possible.
The t3rn team will be actively exploring and assessing the need for further rounds prior to the public sale. No such plans are currently in place. Any sales will be based upon similar principles to the seed sale in that we will be looking to bring on long term collaborators in the capacity of investors. Stay tuned for further updates.