# kaal:claim:3606663-008

**Claim.** ICO issuance exceeded venture capital financing of startups for the first time in the second quarter of 2017, with $210 million invested through ICOs against $180 million invested through traditional venture capital funds.

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

**Holds when.**

- second quarter of 2017
- blockchain and crypto startups

**Source quote.**

> In the second quarter of 2017, ICO issuances exceeded venture capital financing of start-ups for the first time,56 with $210 million invested in ICOs versus $180 million invested into start-ups via traditional venture capital funds.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 3. Venture Capital, page 18

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Topics.** securities-law, innovation, economics

**Keywords.** ico, venture-capital, capital-formation, market-data, 2017

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3067615-014
- supports: https://wulfkaal.github.io/claims/3067615-015
- supports: https://wulfkaal.github.io/claims/3406323-005
- supports: https://wulfkaal.github.io/claims/3406323-006

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