Ace Redpoint Ventures China II Filing. David Yuan Submitted Jan 17 SEC Form

The China-based Ace Redpoint Ventures China II, L.P. submitted Form D because of $300.00 million offering. This is a new filing. Ace Redpoint …

Ace Redpoint Ventures China II Form D

The China-based Ace Redpoint Ventures China II, L.P. submitted Form D because of $300.00 million offering. This is a new filing. Ace Redpoint Ventures China II, L.P. is expected to finance itself with $300.00 million in this offering amount. The total offering amount amount was $300.00 million. This form was filed on 2019-01-17. Ace Redpoint Ventures China II, L.P.’s clarification was: unspecified. The offering has $300.00 million left to be raised and is still open.

Ace Redpoint Ventures China II is based in China. The filler’s business is Pooled Investment Fund. The form D was filed by David Yuan Director of the General Partner of the General Partner. The company was incorporated in 2018. The filler’s address is: 1539 Nanjing Road West, Kerry Center, Tower 2, Suite 1801, Shanghai, F4, China, 200040. David Yuan is the related person in the form and it has address: 1539 Nanjing Road West, Kerry Center, Tower 2, Suite 1801, Shanghai, F4, China, 200040. Link to Ace Redpoint Ventures China II Filing: 000176456319000001.

Analysis of Ace Redpoint Ventures China II Offering

On average, firms in the Pooled Investment Fund sector, sell 37.80 % pooled investment fund interests. Ace Redpoint Ventures China II sold 0.00 % of the offering. The average investment size is $24.76 million for companies in the Pooled Investment Fund industry sector. The total amount raised is 100.00 % smaller than the average for companies in the Pooled Investment Fund sector.

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BITKRAFT Esports Ventures Files For $125M Venture Fund

… $11.5M. An additional $7M came from other investors including GGV Capital co-founder Hany Nada, New York investment bank Inner Circle Sports, …
  • BITKRAFT Esports Ventures raises a $125M USD venture capital fund, according to a filing with the United States Securities and Exchange Commission (SEC).
  • Besides BITKRAFT founding partner Jens Hilgers, the filing lists Malte Barth and Scott Rupp as “related persons.”
  • The previous BITKRAFT fund, setup as an early stage investor and company builder, previously raised $18.5M in 2017, to invest in and incubate esports startups.

BITKRAFT Esports Ventures Database-Link-e1521645463907 is raising a venture capital fund of up to $125M, according to a document filed on Dec. 19 with the United States SEC. Privately held companies that raise capital in the U.S. are required to file a “Form D” with the SEC, which informs investors of basic information about the company. These forms must be filed no later than 15 days after the first sale of securities in the offering; i.e. when an investor is under contract to provide funding.

This new BITKRAFT fund appears to be expanding from just early stage investment to a later stage growth fund.

This is the second venture capital fund by Hilgers, which continues to be operated under the known name BITKRAFT. The total amount sought after is over $100M higher than 2017’s reported $18.5M seed fund, which made BITKRAFT esports’ most active investor in The Esports Observer’s 2018 investor ranking. The first BITKRAFT fund is an early stage investor and company builder, focused entirely on founding, supporting, and scaling companies in the esports sector.

With a size of $125M and additional senior key executives on the team, this new BITKRAFT fund appears to be expanding from just early stage investment to a later stage growth fund.

Alongside CEO and co-founder of DOJO Madness, Jens Hilgers, two of BITKRAFT’s other founding partners appear in the filing as “related persons;” Industry Advisor EQT, Malte Barth; and U.S. managing director for Modern Times Group Database-Link-e1521645463907 (MTG), Scott Rupp. MTG holds a majority share in Turtle Entertainment, the owner of the ESL brand, and owns the entirety of DreamHack Database-Link-e1521645463907.

Related Article: Esports Organizer Super League Gaming Files for Initial Public Offering

BITKRAFT’s first venture capital fund was led by Hilgers with participation from Delivery Hero co-founder Markus Fuhrmann, who put up $11.5M. An additional $7M came from other investors including GGV Capital co-founder Hany Nada, New York investment bank Inner Circle Sports, Team Liquid Database-Link-e1521645463907 parent company and Epic Games Database-Link-e1521645463907 investor aXiomatic Database-Link-e1521645463907, Modern Times Group, and various influential media and entertainment investors and executives.

So far, 19 early-stage esports startups have received funding from BITKRAFT. These include esports nutrition company Runtime.gg, esports audience monetization platform FanAI Database-Link-e1521645463907, and Esports Business Solutions UG Database-Link-e1521645463907—the company behind The Esports Observer (TEO). In October 2018, Advance Publications completed its acquisition of TEO, marking the first exit for a BITKRAFT portfolio company.

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Initial Coin Offerings (ICOs) Taking Advantage Of Form-D Security Filings to Bypass SEC Ban

2018 has seen close to 200 ICO projects approved by the SEC in 2018. It is because of a regulatory loophole. Instead of promoting their products to …
Nearly 300 Initial Coin Offerings Used the Form D System to Receive SEC Approval

2018 has seen close to 200 ICO projects approved by the SEC in 2018. It is because of a regulatory loophole. Instead of promoting their products to the general public, companies launching an ICO only offered people considered to be accredited investors by the SEC the chance to invest in their products.

Form D in Detail

Regulation D provides exemptions for private placement offerings. Typically, these offerings are conducted by smaller companies and can be used to raise capital via either debt or equity sales. The big advantage for many issuers using the Reg D exemptions is that the securities issued do not have to be registered with the Securities and Exchange Commission.

Rule 506(c) allows an issuer to advertise and broadly solicit their offering while remaining compliant. As many issuers are hoping to raise awareness of their product or service in addition to funds during an ICO this may be an appealing exemption.

The freedom to advertise does come at a price. Issuers can only accept funds from accredited investors and the company must take steps to ensure that each investor is accredited. This means reviewing W-2s, tax returns, bank statements and/or other documents to verify the investor meets the standard. The filing of Form D is mandatory for Rule 506(c) offerings.

That means you can get your ICO out into the great American ether and, though it may sound like a lot of cash, a sizeable chunk of US citizens qualify as accredited investors. In 2016 there were 12,417,040 accredited investor households in the USA, making up just under 10 percent of all American households.

SEC Commissioner in favor of ICOs

SEC commissioner Hester Peirce, who is also nicknamed crypto mom has been lobbying for cryptocurrencies. On November 7th, 2018 she said that the US regulators are sending mixed signals. She stated:

“For example, our sister regulator, the Commodity Futures Trading Commission, has allowed the development of crypto-derivatives markets, but the SEC so far has not approved any application to list an exchange-traded product based on cryptocurrencies or crypto-derivatives trade on U.S. exchanges. Regulators have an unfortunate habit of allowing their own conservatism and their legitimate fear that they will be blamed when investments go wrong to curtail investors’ options.”

She thinks that there should be a different approach. In her own words:

“that allows investors—informed by good information about the relevant exchange-traded product and encouraged to exercise a healthy dose of skepticism—to choose whether or not to buy the product. I am working on convincing my colleagues.”

ICOs Authorized by SEC Increased 550% in 2018

The agency stated it used keywords such as “ICO”, “token”, “coin”, “saft” and “Initial Coin Offering” for its search. Based on this research, 287 results …

Initial Coin Offering

According to data collated by financial news agency MarketWatch, there was a massive increase in the number of ICOs () that were authorized by the US SEC (Securities and Exchange Commission) to sell securities tokens to institutional investors in 2018.

Form D Exemption

MarketWatch stated that it collated the data by searching the SEC’s EDGAR (Electronic Data Gathering, Analysis and Retrieval) system. The agency stated it used keywords such as “ICO”, “token”, “coin”, “saft” and “Initial Coin Offering” for its search.

Based on this research, 287 results were found for 2018 for ICO-related fundraising projects aimed at offering securities that had been accepted by the regulator. These projects we filed under the SEC’s Form D exemption.

Form D is basically a form in which a company briefly discloses critical information for investors for its securities issuance. This form is much shorter than those that are require for non-exempt securities that are being sold to investors. It is also possible to file Form Ds up to 15 days after the initial sale has taken place.

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Exempt securities can only be sold to accredited investors, who are individuals who have a net worth of more than $1 million, or have a consistent annual income of more than $200,000, or are enterprises that have more than $5 million in assets.

MarketWatch’s data showed that these 287 ICOs that were registered in 2018 under the Form D exemption has a total declared value of more than $8.7 billion. In contrast, 2017 saw 44 ICOs registered under the Form D exemption, reaching a combined value of $2.1 billion.

This means that the increase in ICO registrations under Form D exemptions went up by over 550% last year. Additionally, the total combined value of ICOs registered this way went up by 314%.

Lack of Clarity on Crypto Classification

The classification status of cryptocurrencies has been a thorny problem for some time now. And this is mostly due to the overlapping jurisdictions of multiple government regulatory bodies.

Earlier this week, US Congressman Soto from Florida state had proposed that most cryptos should actually be regulated by the CFTC (Commodity and Futures Trading Commission) or the FTC (Federal Trade Commission) and not the SEC (Securities and Exchange Commission).

Soto argued that the SEC’s securities laws could be very “intense” and this could harm more than help the nascent crypto market.

From within the industry, Goldman Sachs backed crypto finance startup Circle’s Chief Executive Officer and co-founder Jeremy Allaire stated that greater clarity over the definition of cryptos could unlock massive market activity and also enable the growth of crypto-based securities.

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2018 Sees 550% Uptick in Exempt ICO Securities Offerings Filed With the US SEC: Report

… SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system for keywords such as “coin,” “ICO,” “token,” “initial coin offering” and “saft.

2018 witnessed a significant uptick in the number of initial coin offerings (ICOs) authorized by the United States Securities and Exchange Commission (SEC) to sell securities to large-scale investors, according to financial news channel MarketWatch, Jan. 11.

MarketWatch reportedly compiled its data for 2018 by searching the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system for keywords such as “coin,” “ICO,” “token,” “initial coin offering” and “saft.”

Their research reportedly found 287 results for evidently ICO-related fundraisings that were accepted by the agency to offer securities under what is known as a Form D exemption.

Form D is essentially a short registration form in which a company discloses essential information for prospective investors in its securities issuance. The form is notably much shorter that the lengthy reports that are required ahead of sales of a non-exempt security to U.S. investors. Form Ds can also reportedly be filed post-factum, up to 15 days after the first sale has taken place.

Exempt securities are notably limited for sale to so-called accredited investors only — defined in the U.S. as either individuals with a net worth of over $1 million, or who have consistently made $200,000+ per year in income, or as enterprises with over $5 million in assets.

According to MarketWatch, the 287 ICOs registered in 2018 under a Form D exemption had a combined declared value of $8.7 billion — considerably higher than in 2017, during which 44 ICOs reportedly registered for the exemption, at a combined declared value of $2.1 billion. 287 represents an over 550 percent increase from 44, with the ICOs’ combined total value rising over 314 percent on the year.

MarketWatch’s data found that Form D filings peaked in Q2 2018 — during which 99 ICOs were allegedly registered — with 87 in Q1, and lower numbers of 53 and 48 in Q3 and Q4 respectively.

As reported, cryptocurrencies’ status under the overlapping jurisdictions and requirements of various U.S. regulatory authorities remains a complex and much-debatedtopic. Just this week, a Florida congressman proposed that most cryptocurrencies should not be regulated by the SEC, arguing that applying federal securities laws to crypto “can be very intense and hurt the market unless it is truly a security.”

The CEO and co-founder of Goldman Sachs-backed crypto finance company Circle has this week claimed that more clarity over how to define various crypto assets would “unlock a lot of market activity, and also clearly enable the growth of a market for crypto-based securities.”

In a recent official announcement, the SEC has declared that cryptocurrencies are one of the agency’s top examination priorities for 2019.

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