Hey Rabbits,
Following up on our prior conversation about your investment in Incented, I'm excited to update you on our momentum and growth plans. We recently won a pitch competition during MCON in Detroit, including awards from RaidGuild and DecentDAO.
Capitalizing on this momentum, we are kicking things into gear and are officially launching our fundraise. Below are some updates and our strategy for this funding round.
Product Updates
Live:
Grant Funders can now create a Grant Programs at incented.co powered through Safe (formerly Gnosis Safe).
Applicants can submit structured proposals to the grant funds.
Community members (token holders of the grants currency, e.g. DAI) can vote on the applications through our "Carrot & Stick" staking mechanism.
Applicants and voters are automatically rewarded at the end of a voting period.
Upcoming:
We’re working with RaidGuild on our first set of custom smart contracts to transition Incented from a Web 2.5 product to a full-fledged permissionless V1, ready for autonomous grant funding.
Customer Development:
In collaboration with DecentDAO, we’re pursuing web3 grant giving organization for our pilot projects.
Ideal Customer Profile
Web3 organizations with a grant program > 1M USD that do not currently have a custom solution to deploy, track and manage their funds.
If you have any leads in that area, please let us know.
Funding
In order to multiply every dollar invested in Incented, we are leveraging match funding through Artizen. Artizen is a platform that rewards creators with matching funds for the funding they raise from their supporters. Additionally, they reward the top project in each season with an additional cash price (currently estimated at $15k, and growing).
Over the next month, I’ll be coordinating with angels like yourself from our pipeline to align on a strategic approach. Since we only have about 30 days before the Artizen season ends, I'd like to schedule a call with you as soon as possible. Feel free to grab a slot on my calendar here:
The Round
$500k | 20% Discount | Token Side Letter
At this stage, we are planning to raise in smaller angel circles to bring us to the first few customers on the product. We anticipate to need about 150k to get us to that milestone by the end of Q1 2025. This includes the above smart contract development with Raid Guild.
The remaining 350k will extend our runway an additional 12-18 months and will advance the product to include a full set of on-chain grant management functionality (Allocate, Track, Measure, Manage).
With this in mind, our goal is to raise the currently needed $150k through our Artizen Season 4 participation and extend the round to the broader angel network come December and the New Year.
Here's how you will invest:
- Purchase Artifacts on Artizen:
Visit Artizen’s Incented page and select the corresponding amount of Artifacts to reflect your investment amount. For example if you choose to invest $10k, you can either purchase 400 Artifacts with a credit card, or the equivalent of $10k with Eth. - Finalize Investment through Fairmint:
We’re using Fairmint.com to manage a compliant raise. We will provide a personal link to this portal. Once this step is finalized you will be issued a SAFE + Token Side letter.
Thank you for your ongoing support. I’m looking forward to having you on board as one of our angels as we build something remarkable.
Best regards,
Sven - Head Carrot Muncher