AirFox, a Boston, MA-based mobile internet provider, closed its $15m ICO.
AirFox raised $6.5m in its ICO pre-sale, and more than $8.5m in the public sale from more than 2,500 legitimate backers.
The company intends to use the funds for the development of its new blockchain consumer platform, AirToken (AIR), and its microloans program, that enables peer-to-peer lending in AirTokens at more affordable rates.
Founded by ex-Googlers Victor Santos and Sara Choi in January 2016, AirToken has developed a blockchain platform that enables mobile access by connecting mobile airtime sponsors (advertisers and lenders) to prepaid mobile subscribers in emerging markets. Its free browser app enables prepaid mobile customers to earn AirTokens that can be converted into mobile airtime. Users establish credit history by opting to share their device data and advertising behavior, enabling anyone with a smartphone to apply for and receive microloans in AirTokens.
AirFox is a TechStars Boston alumni venture backed by Project 11, Launch Capital, and NXT Ventures, among others.