11:FS Backs Off $50 Million Blockchain for Banking Fund

By

After more than a year of work, the 11:FS consultancy has scrapped an effort to raise a $50 million investment fund aimed at backing blockchain startups.

Announced in 2016 as a way to invest in founders looking to decentralize the way banks do business, the fund suffered from a lack of the “right combination of people” to execute the fundraising, said 11:FS co-founder Simon Taylor, speaking at the firm’s U.K. headquarters.

At the top of the list of difficulties was finding the right partner to warehouse the funds after they were raised.

Taylor said the company – which has a highly regarded team of co-founders including Taylor (the former vice president of entrepreneurial partnerships at Barclays), and executives David Brear (ex-Gartner) and Jason Bates (formerly with Starling Bank) – had “zero difficulty” raising the funds and would have closed the round if not for the warehousing difficulty.

Taylor positioned the decision as part of a larger pivot that finds the firm becoming a more traditional consultancy with a startup philosophy, telling CoinDesk:

“The reality is, that fund has been mothballed. We loved the idea, we’re committed to the idea, but sometimes you’ve got to pivot, and that’s exactly what we’ve done.”

Taylor said that 11:FS walked away from an initial $5 million committed by Life.Sreda Venture Capital, effectively ending what would have been the fund’s first partnership.

In spite of the change in plans, Taylor painted a picture of a young consultancy gaining traction among clients including banks, startups and financial infrastructure providers.

11:FS has grown from about 25 staff in April – at around the same time the blockchain fund was killed – to about 60 employees today, he said. In August, the former director of NTT Data Consulting’s fintech practice, Sam Maule, came onboard as a managing partner and head of the startup’s planned expansion into North America.

According to Taylor, 11:FS has expanded by generating revenue from its existing clients, although the firm is not sharing its revenue numbers.

At the core of the revamped company remains a focus on providing industry stakeholders consultation from those who have actually built competitive products. The group is also focusing on it media platform and research services.

“We see ourselves as the challenger consultancy,” said Taylor, adding:

“We think that unless you change where your thinking comes from, the same-old thinking, equals the same-old vendors, equals the same-old outcomes.”

Leave a Comment

Your email address will not be published.

You may also like

Hot News

post-image
ICO

GENEXI生物技术加速器欢迎 Oliver Bussmann和其他行业领导者加入咨询委员会

6月是GENEXI生物技术加速器的另一个繁忙和有益的月份,任命新的顾问加入他们的基金会。 他们是区块链,医药和技术领域的知名商人 – 分别是Oliver Bussmann,Manuel Rimarachin Dias和Richard O’Rourke。 Oliver Bussmann Oliver是全球公认的技术思想领导者和跨国组织大规模转型的推动者。他是Bussmann Advisory AG的创始人兼首席执行官,他建议企业和初创企业保持领先于数字中断曲线。他还担任行业协会的重要岗位,包括担任瑞士加密谷协会主席,英国创新金融全球大使和身份2020的董事会成员。
Read More
post-image
ICO

强大的Proxeus项目由瑞士最成功的年轻企业家之一Antoine Verdon领导

强大的Proxeus项目由瑞士最成功的年轻企业家之一Antoine Verdon领导,事实上Proxeus在短短两天内由ICO在没有广告的情况下获得了2500万美元的资助,一个月后赢得了瑞士金融科技大奖2018。这一点也不令人意外。 Proxeus解决方案旨在满足市场的明确需求。随着对区块链解决方案兴趣的提高,Proxeus提供了一种可视化软件技术,绝对可以为任何人提供编程智能合约的能力。像WordPress的区块链。
Read More
post-image
Regulation

加拿大监管机构开始从加密货币交易中收集信息

安大略省证券委员会(OSC)已开始研究当地加密货币交易平台的活动。 根据OSC代表Kristen Rose的说法,该机构收到关于销售数字货币平台的“投诉数量”,这些平台可能被归类为证券。 这由CoinDesk报告。 Rose补充道,“这些平台以及任何允许证券交易的硬币/令牌的企业都可能是越位的证券法”。
Read More
post-image
Business News

即将到来的一周的加密货币的日表4 / 9-4 / 15

4月9日: ▪IOSToken :发布。 该项目将提供对Github上的源代码的访问。 ▪Suretly :赏金。 Bug赏金运动开始。 ▪PentaCore : 首次代币发行. PentaCore是一个积极管理的代币化加密基金。 主要目标是通过使用复杂的风险管理技术,从发展中的密码资产类别中获取利润。 ▪Lisk :发布。 Beta版本的平台Lisk Core 1.0。 在成功推出的情况下,您可以预期硬币利率的增长。  ...
Read More
post-image
Cryptocurrency

HODL投资组合的5个加密货币

加密货币投资者现在正处于一个有趣的地方,或者我应该说,有些地方。 有些失去了很多,还在保持着许多各种加密货币和12月份买的BTC,而另一些则灵巧地沿着这个动荡的加密海的纠正浪潮冲浪,从日间和波段交易中获得快速的利润。 有一件事是肯定的,从1月份开始,我们都在进行相当激动人心的旅程,并且在Cryptowatch通知在半夜中断时,看着Blockfolio并感受到焦虑的阵阵,我们中的一些人已经足够畏缩。
Read More