Ultimately, about 80% of Civil’s ICO funds, or $1.1 million, came from ConsenSys. ConsenSys previously committed $5 million worth of capital and services to Civil in October 2017.

Civil wanted to sell 34 million of the 100 million total CVL tokens the company had announced prior to the ICO. Since Civil has only released monetary figures, it’s not clear how many tokens were actually sold during the ICO. Of the remaining unsold tokens, founder Matthew Iles owns 5 million. The rest are owned by the Civil Media Company and its handful of media partners.

Even after the underwhelming public reception, Civil is reloading for a second token sale, which Iles says will be “much simpler.” (The instructions for participation in the first Civil ICO were as convoluted as those for actually using the tokens.)

The company hasn’t yet announced the dates for its second fundraising effort, but it has said that first-round backers can choose between a refund or opting in for the second sale. (It’s not clear whether opting in for the second round means you would still pay the first-round price.)

In any case, however CVL tokens turn out, one thing is clear: you can’t simply say “blockchain” to raise funds anymore.

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