The Elephant (formerly PrivatEquity.biz Platform), a security token issuance and secondary trading platform, is doing a small hybrid funding round. According to details shared with CI, the offer is seeking a few strategic investors to raise $2 million. The minimum subscription is $250,000 with each investor receiving equity at a $12 million pre-money valuation plus a 100% bonus of platform tokens (PEC).
The Elephant is initially targeting investments in private companies prior to a liquidity event. Investors may purchase shares in dedicated limited partnerships via the blockchain with the security represented by digital tokens.
The platform, which is currently operational, lists shares in companies with a nominal value of $70 million, according to the site. Company names include Palantir, Gett (Gett Taxi), Bla Bla Car, Circle, ezbob, Kenshoo, Outbrain and more.
The company is in the midst of an STO through a Private Sale to accredited investors seeking a total raise of $42 million. The PEC token is said to entitle holders to revenue sharing in the top line revenues of the platform. Management has a mission to “expand [their] already operational platform into a leading global tokenized secondary market and security tokens platform.”
There is plenty of additional information on the Elephant web site.
Traditional securities on blockchain is quickly becoming a compliant path for initial offerings and secondary transactions. In the US, there are numerous platforms that have filed to become regulated alternative trading systems to be able to trade security tokens. But this is not just a US phenomena as blockchain based securities may be able to reduce intrinsic friction that exists in public exchanges today. Not to mention the ability to disrupt investment banking. It will be interesting to see how Elephant performs.
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