“If we did a good job of this, then over time, we can productize this for others,” Pandey says.Įditor's note.What we’re watching: While it’s still early, DevRev is not ruling out the possibility of making tokenized fundraising a part of its product suite, potentially helping its customers to raise money from their customers. And when DevRev raises a priced round, the tokens will be converted into equity and burned.
Yes, but: It’s important to note that DevRev is not putting tokens out on the open market or allowing them to be traded or sold on a public exchange. “Then we come back, and we ask them to wire money to us, and then we basically give them the tokens in return,” he explains.
To purchase one, Pandey says investors will need to establish an identity with their wallet, show their intent that they want to purchase a token, and then DevRev will do a back office process to prove that the purchaser is an accredited investor. Each token is worth $50,000, is hosted on the ethereum blockchain and will be transferred to an investor’s wallet once their investment is closed. How it works: The DevRev SAFE token is being offered under a Reg D filing with the SEC and represents a digital version of a typical SAFE security. Last July, the company raised $50 million in seed funding from Khosla Ventures, Lightspeed Venture Partners and Mayfield, among others. “We realized that we have a lot of end users who are developers and engineers on our platform that want to be investors, too,” he told Axios. Pandey says the decision to raise additional capital in this way came partly from his experience at Nutanix, where the company raised nearly $2 billion during his tenure. Why it matters: By putting investments on the blockchain, DevRev believes it can open its fundraising process to customers and other advocates for its platform.Ĭontext: DevRev was founded by former Nutanix CEO Dheeraj Pandey, along with Nutanix tech lead Manoj Agarwal, both of whom left that company early last year to build the startup. DevRev, a Palo Alto-based startup that has built a developer CRM for product-led growth, has raised $20 million - and did so by tokenizing its fundraising process.
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