BitcoinGrowthFund (BGF), the world’s first block chain-based start-up fund for the venture capital industry, has raised $14.5 million (₹95 crore) in its first round from retail investors through an Initial Coin Offering (ICO).

50% from India The fund is now looking to raise another $45 million (₹300 crore) in its second round in the next three months.

About 50 per cent of the retail investment came from India, followed by China at 35 per cent and South Korea at 15 per cent. The minimum amount for retail investors was $5, the company said in a statement.

Dubai-based BGF was earlier looking to raise about $32 million (₹225 crore) through an ICO, which opened on April 27 in Bangkok. But following positive reaction from investors, the company increased its total fund corpus.

Modus operandi BGF is selling 10 million tokens of value at $3.2 each and had received $1.6 million in the first 24 hours from global retail investors.

An ICO — generally open for 60 days — is much like an IPO, with investors given bitcoins and Mcap tokens instead of shares.

BGF enables regular and small investors to invest in the fund by buying Mcap tokens, while proceeds are invested in mining of crypto currencies such as DASH, Ethereum , Monero, Litecoin, Z-cash, Bitcoin and others. Also, a part of the fund is further invested in upcoming ICOs of block chain companies.

BGF is a liquid fund targeting investments in Crypto currency mining and start-up ecosystem. It provides investors an opportunity to invest in Crypto currencies through purchase of Mcap tokens. Mcap owners, who can also trade and exchange these tokens, are entitled to monthly payouts based on the fund’s performance.

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