Decentralized incubator platform Cofound.it has announced its ICO with plans already in place for deployment of $12.5 mln capital.

Cofound, a spin-off of ICO platform Iconomi, aims to disrupt the traditional startup mentoring landscape by connecting players such as investors and experts directly with startups themselves.

The ICO will begin May 24 and run until June 24. Investors will purchase the platform’s CFI token.

"CFI will function as the currency of Cofound.it’s global marketplace platform, which will connect token crowdsale projects with world-leading experts, tools, and services,” Cofound.it CEO and Co-founder Jan Isakovic said in an accompanying press release.

“This platform, built by the blockchain community for the blockchain community, will replace the VC funding model and facilitate remote mentorship and collaboration, creating a Silicon Valley for the new distributed age.”

The bold claim of building decentralization’s Silicon Valley appears to have its supporters, with Cofound’s advisory team counting a senior Deloitte manager among its members.

“The CFI crowdsale will help build a serious contender to the $130 billion startup investment space, eliminate the traditional need for venture capital investment, and empower visionaries to fulfill their entrepreneurial spirit from anywhere in the world, not just Silicon Valley,” Isakovic added.

Cofound joins a raft of Ethereum-based ICOs which have concluded and often made the headlines this year. Fellow startup Gnosis raised a similar $12.5 mln total in a matter of minutes.