Celo raises $10 million through a token sale on CoinList

cLabs, the company behind the Celo project, raised $10 million through sales of the Celo Gold (cGold) token on CoinList’s platform. Over 500 investors participated in the sale, which was available to unaccredited investors but required KYC and was not available to anyone based in the U.S. The cGold tokens are expected to be distributed later this year, although the exact date is unknown at this time.

Why it matters

• While token sales have been dramatically reduced both in number and size of the rise, there are still projects out completing token offerings. Most are done privately such as the recent $21 million raise by Near protocol, while those available to the public are executed in a more compliant fashion.
• Celo raised $36.5 million in their prior two rounds from high profile funds such as a16z, Social Capital, and Polychain as well as individuals including Jack Dorsey, Naval Ravikant, and Reid Hoffman.