MyBit is funded through a global community of supporters. No equity or control is owned by Venture Capital Firms or other Funds. This creates an amazing environment for innovation, without a pure focus on profit. There are also no plans for MyBit to ever be acquired as the structure is decentralised. Contributors receive MyBit Tokens (MYB) in return for their financial support.
Pre-Seed Round in March 2017 of CHF 150,000 was contributed by Founder, Ian Worrall, to develop a basic MVP, begin company operations, and prepare for fundraising.
Phase 1 of Fundraising (equivalent of seed investment round). Closed on August 17, 2017 with 10,000 ETH contributed. At the time, the approximate value was ~CHF 2,800,000.
Of the value raised in phase 1, ~CHF 500,000 was the resulting cost for the raise including marketing, legal services, technology solutions and design for fundraising, and other third-party consulting services. This netted CHF 2,3000,000 in capital available to MyBit.
From the time of fundraising through the end of 2018 the average monthly burn rate was CHF 130,000. This resulted in ~CHF 2,200,000 spent over the 17 month period from August 2017 to December 2018.
Due to consolidating the team and expenses. The burn rate dropped to ~CHF 30,000 from Jan. 1 2019 onwards. This includes 7 full time team members.
As of Feb. 1, 2019 MyBit's accounts totalled CHF 300,000 held in stable coins and Fiat currencies. No Ether or volatile cryptocurrency is currently held from phase 1 of fundraising. This allows MyBit to operate until mid Q4 2019 without factoring in any funding from Phase 2 of fundraising.
Moving forward, MyBit's vision is for the ecosystem to become a network of DAOs before year end 2019. This will result in the foundation being dissolved and reduce the burn rate to near CHF 0. Of the Phase 2 contributions, 50% are directly allocated to the DAO Fund, and the other 50% is allocated to the MyBit Foundation to oversee the transition to a fully, self-sustaining DAO. Once successful, the remaining balance of the Foundation will be transferred into the DAO Fund.