# kaal:claim:3067615-014

**Claim.** In the second quarter of 2017 ICO issuances exceeded venture capital financing of start-ups for the first time, with $210 million invested in ICOs versus $180 million invested into start-ups via traditional venture capital funds.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- second quarter of 2017
- crypto and blockchain start-up financing

**Source quote.**

> In the second quarter of 2017, ICO issuances exceeded venture capital financing of start-ups for the first time,34 with $210 million invested in ICOs versus $180 million invested into start-ups via traditional venture capital funds.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), III. Disruptive Effects, page 12

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** innovation, securities-law, empirical-evidence

**Keywords.** venture-capital, ico-volume, empirical-data, capital-formation

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3606663-008
- supports: https://wulfkaal.github.io/claims/3002908-039

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