We are very pleased to announce that Work X has been acquired by TGE Ventures, an ecosystem empowering and investing in web3 and blockchain innovation.
After 8 years of development, the time is here to take Work X to the next level and enter the pivotal organization stage. Together with TGE Ventures, we believe to establish the perfect line-up for managing both the token & business ecosystem.
The Start-Up Phase
In 2016, the founders Rik & Daniel established Work X with a vision and passion to create the first fully decentralized job economy without commercial fees. After writing the first version of the whitepaper, a validation phase of 2 years followed with bootstrapped MVP development and conversations with 100+ companies. Pilots with large corporate organizations such as The Zurich Insurance Group and APG were completed and the first steps were made on the front of Self-Sovereign Identity. Subsequent developments such as winning the Odyssey Momentum Hackathon, YES!Delft GovTech Lab and The eSSIF-Lab put Work X on the map. A successful private sale, funding from the European Commission and the first revenues realized 3M USD in funding to be used for the development of Work X. Due to a commencing bear market, the team strategically decided to postpone the launch of our $WORK token and go back into stealth mode to build. After 2 years of building, the first version of Work X was released with over 80k people trying it out. Despite these very positive developments, it was also a hard time to postpone our token launch for 2 years due to a prolonged bear market. As the team saved a lot of money on the marketing side during the bear market, significant developments were needed on this front for the launch. At this point we got in touch with TGE Ventures, who were onboarded to fulfill a leading role in taking $WORK to market. A very successful collaboration followed with the onboarding of several partners, exchange listings and raised capital. TGE Ventures has been a key pillar in our go-to-market strategy and our successful launch, achieving an ATH ROI of 9x at IDO price and a 21x at seed. Read more: https://medium.com/@WorkX/introducing-the-work-ecosystem-development-fund-19f1764d0064
The success of the launch greatly exceeded our expectations, resulting in ‘growth-pains’ within the organization. The workload for the team intensified significantly and it became increasingly challenging to manage both the token and business side of the company. Especially our CEO Rik struggled to get back to the business side, which is essential for the next growth phase of the ecosystem.
Statement from the Work X CEO
“When the idea of Work X was born, we always envisioned it to be a public good that is supposed to be ‘bigger than us’. Work X is designed to be used, owned and maintained by a decentralized ecosystem of users. We knew that there will be a point in time where the project outgrows our organization. Due to the explosive launch and growth, this moment has come sooner than expected. To take Work X to the next level, the development team needs to be fully focussed on the deliverance of the new UX/UI, and I need all my time to onboard corporate organizations within my network (which is a very diligent and time-consuming job). Because we believe it is too early to transition into a DAO, the acquisition of TGE Ventures offers the perfect solution. The founders of TGE Ventures and Work X share the same core vision, and will continue together on their journey to deliver a fully decentralized Internet of Jobs. After working closely during the launch, we had hands-on experience with the team of TGE Ventures. As we progressed without their direct involvement after the launch, we saw how their efforts were missed internally. Therefore, I’m very pleased to announce that they see the same opportunity and that we’re able to reinstate the team formation that performed so well during our launch. Alongside TGE Ventures, our core C-level team will be focused and streamlined on delivering Work X & WorkPi as an ecosystem to various audiences. With TGE Ventures leading the token ecosystem with a highly professional Web3 team, we have a tangible plan and team to strive towards the 100 coins, and become a key hiring partner for the whole industry. In the meantime, the new situation will allow me to focus on what I’m good at; getting the corporate & institutional traction that we deserve! I can’t wait to make this $WORK even better. Rik
About TGE Ventures
TGE Ventures is a young but already highly reputable Web3 ecosystem focused on incubations and token growth solutions. TGE-V is led by Harry Lewis, CEO, and Harrison Gwinnett, a two-time, 8-figure exited founder in both Web2 & Web3 markets. As TGE-V strives for the establishment of a fully decentralized ecosystem, the Work X proposition to build a free & decentralized internet of jobs fits perfectly and spiked interest from both sides. TGE Ventures has successfully collaborated with over 11 projects, incubating 3, all of which resulted in top IDO performances, extremely liquid markets, enormous communities, and delivery on products. Stay tuned for further announcements to learn more about TGE Ventures and its plans for Work X.
This week, we are outlining exact deliverables in the rollout within our roadmap and adopting a more involved approach to changes across communities. You will see gradual improvements as the full team steps into action. For now, hold tight and watch this week. It’s going to be the foundation for a new beginning.
