Award Includes $500K in Pre-Seed Investment
SAN FRANCISCO, CA, May 21, 2018 — Bee Partners, a leading pre-seed VC firm, announces Shelf Auctioning Network as grand prize winner of the first annual Frontier Innovation Awards at a ceremony in San Francisco. Shelf Auctioning Network will receive $500K in funding from Bee Partners, along with mentorship from Riccardo “fluffypony” Spagni, a pioneer in the crypto space and lead maintainer for the Monero Project. Spagni is also, along with Dan Teree and Naveen Jain, co-founder of Bee Portfolio company Tari. Support and advising are also offered to the winner and all finalist teams from Bee portfolio company Indiegogo.
Shelf Auctioning Network is a distributed car auctioning network that allows users to create a shared inventory liquidity among the interconnected marketplaces and empowers sellers to run and monitor the same auction across their network. This universal technology enables sellers to upload vehicles at one place, but run and monitor the same auction synchronously on all interconnected marketplaces, expanding their sales, reaching more buyers and getting higher margins.
Bee Partners invests in founders who drive the idea economy, teams of passionate entrepreneurs possessing deep market insights within enterprise software and frontier technologies. The firm concentrates capital at the earliest stages of venture creation, serving as first investor in over half its portfolio.
Bee Partners received hundreds of applications from pre-revenue and early-stage blockchain startups for the Frontier Innovation Awards. Following a two-month series of mentoring events including office hours and pitch practice, qualifying teams were narrowed down to a group of 10 finalists, which included the winner and:
- AssetVault Limited: Protecting families and their assets through digital wills and testaments
- Cryptonite: Makes crypto-investing & portfolio management easy as it should be.
- d.rect: Building fraud prevention software for international telcos
- Deco.Network: Commerce portal for coders
- Kambria: An open innovation platform that includes an AI & robotics protocol uniquely designed to accelerate the development and adoption of impactful robots
- Kava: Infrastructure for interoperable payment channel networks.
- Pledgecamp: Decentralized crowdfunding ecosystem that protects, rewards and aligns the interests of key stakeholders.
- SMBX: The world’s first small business public exchange
- Water Canary: Decentralized water data ecosystem called the Canary Protocol.
“We set out to find the best blockchain teams and ideas,” said Michael Berolzheimer, founder and managing partner of Bee Partners. “Shelf Auctioning Network joins the Bee portfolio along with over 120 other remarkable founders we’ve been proud to support for more than 10 years.”
“Bee Partners was exceptionally supportive throughout this process and their approach for investing in blockchain projects is long-term oriented – a rare opportunity in the current crypto world,” said Lasha Antadze of Shelf Auctioning Network. “We are excited to be recognized as the best real-world blockchain application as we are firm believers in prioritizing market testing with real customers and constantly evolving our product to adapt to their needs.”
In addition to the grand prize, other finalists were recognized for their outstanding work with special awards, including:
- D.rect: Winner of the Technical Award, pushing the frontier of what’s currently possible surrounding pressing technical challenges
- Kava: Winner of the Token Economics Award, demonstrating the solution with the best self-reinforced incentive structure providing a sustainable and compelling competitive advantage
- Water Canary: Winner of the Social Impact Award, demonstrating the best solution for applying blockchain to better lives
- Cryptonite: Winner of the Audience Choice Award, chosen as the audience favorite
Indiegogo will offer all finalist teams priority access to their global equity crowdfunding platform or ICO / Token Sale Platform, as determined by type of business. This includes priority review of the company’s materials, application ahead of others in queue, comprehensive feedback on the company’s fundraising strategy, and expert guidance and best practices for raising capital via equity crowdfunding or token sale.
The awards ceremony took place at the Folsom Street Foundry in San Francisco and featured a keynote address by Spagni. The evening was MC’d by Fortune magazine’s Jeff John Roberts. The event featured a panel of industry experts, including Dan Teree, co-founder of Ticketfly; Brayton Williams, co-founder of Boost VC; Niko Bonatsos, managing director of General Catalyst; and Lily Liu, co-founder of Earn.com. Judges who chose the final winner were Spagni; Jill Carlson, independent consultant at juno; Berolzheimer; Andy Bromberg, CEO of CoinList; and Spencer Bogart of Blockchain Capital.