East Ventures backs BRD's $32m ICO

In total, 88,862,718 tokens were allocated, 33.3% of which were retained by BRD, 37.1% were sold in a pre-sale, and 29.56% were sold in the crowd sale.

The exchange rate of BRD tokens to Ethereum was set at 900-1 and the $20m cap for the public crowd sale was reached within 90 minutes. No further tokens will ever be issued, according to a company statement.

BRD will use the fresh capital to scale its technology platform and expand its team at its newly opened Chicago, Bend and Tokyo offices.

BRD was highlighted by Unquote in January as a company likely to raise a larger funding round in 2018, after fellow bitcoin management software company Ledger stepped up from a €7m series-A to a $75m series-B in nine months.

Previous funding
East Ventures backed BRD (then Breadwallet) in August 2017. It invested in a $7m round alongside Das Capital, Globe Advisors, Liberty City Ventures, Maffin, Okwave and Saison Ventures.

Company
Founded in 2015 and based in Switzerland, BRD develops a software application of the same name for the management of cryptocurrencies. It has customers in 150 countries, with roughly one third located in the US. The company was co-founded by software developer Aaron Voisine and Silicon Valley VC Adam Traidman.

People
BRD – Adam Traidman (CEO).

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• Topics
• Expansion
• DACH
• Technology
• Venture
• Switzerland