Afterschool ICO: How will the funds be used?
Just 24 hours since the start of our ICO, and we are all pumped up with how it’s being received by contributors! We are well on our way to become the first decentralized marketplace in the after school booking industry. With this, we would like to explain how our crowd-funded contributions will be used.
Minimum and maximum amounts
In order for this ICO to be considered a success, the minimum threshold is ETH 3,500. Funds are held by the team in a multi-sig wallet. The maximum amount that can be raised in the ICO is ETH 50,000.
Distribution of Issued Tokens
A total of 800,000,000 AST will be generated in this ICO.
- 60% of tokens will be sold in the crowdsale to secure required funds for decentralization and wider expansion plans
- 15% of tokens will be held by project founders and the rest of the team who brought the project to life with their hard work and dedication
- 10 % of tokens will be given to early stage angel investors, true believers, who showed a lot of trust and provided rocket fuel for our idea
- 7% of tokens is intended for the initial stocking of the bounty pool to award contributors, who help build and curate our database of entities
- 8% of tokens will be awarded to our advisers and ambassadors
How will the funds be used?
Once minimum investment has been achieved, a huge chunk (at 60%) will be devoted solely to cover direct expenses of marketing activities globally, which includes advertising, user acquisition efforts and brand management.
- 60% to cover costs of an ongoing global marketing campaigns (social media, content, foundation, print and online advertising)
- 25% to cover direct marketing and other overhead costs associated with marketing
- 15% for public relations, targeted towards specialized and mainstream media
30% will then be allotted to cover the development and implementation of the platform. This includes adding new entities into the database, internally curating existing ones and setting up a support center.
The remaining 10% will cover operational and administrative expenses and other legal fees.