Cofound.it, a platform for incubating blockchain startups and crowdsales, has today announced that its CFI tokens have sold out in its own pre-sale held before their public crowdsale was due to start.

The pre-sale, which commenced on June 4, 2017, raised a total of 56,565 ETH, the equivalent of $14,859,059 USD, and drew 1,521 investors from across the globe. Within 3 hours of the pre-sale opening, 1,200 supporters had invested $5 million USD.

Cofound.it offered pre-sale access exclusively to its most engaged supporters via its innovative Priority Pass mechanism. The exceedingly successful pre-sale means the token crowdsale scheduled to commence today will not take place.

Cofound.it CEO and Co-founder Jan Isakovic said:

“Cofound.it is proud to have made history today as the first crowdsale to completely sell out before its public token sale begins. This momentous achievement is testament to our revolutionary Priority Pass mechanism which rewards highly-engaged company supporters. We believe Priority Pass represents the future for startups planning crowdsales.” “As Cofound.it moves into the next phase of developing its distributed venture capital platform that connects exceptional startups with world-leading experts and investors, we would like to humbly thank our supporters and investors for helping us close out our pre-sale in such grand fashion. Together, we have set a new benchmark and set of best practices for startups to launch high-volume crowdsales. This strong community support shows that the community shares our vision of a distributed Silicon Valley and our belief that the blockchain space must build it.”

The Cofound.it Priority Pass feature is available to companies that pass through the rigorous evaluation process and will give projects the opportunity to appeal to Cofound.it’s established network of supporters. The first projects launching through Cofound.it acceleration program, Santiment, Musiconomi, and X8currency will each use Cofound.it Priority Pass to kickstart their crowdsales.

Cofound.it has already connected with more than 50 hopeful crowdsale projects, with six currently accepted to the program. The company plans to launch at least 10 startup projects this year, with an additional 30 projects expected to launch in 2018.

CFI tokens will be issued to investors within 7 days after Cofound.it has audited the sale. CFI is expected to trade on major exchanges, which will be announced in the coming weeks.

Cofound.it was spun off as an ICO startup advisory from digital asset platform ICONOMI back in April, ICONOMI still remains a 10% shareholder in the newly formed advisory.