Indorse, a blockchain-powered decentralized social network for professionals, has raised $9million in its token sale that concluded on September 7, 2017.

According to the details, Indorse received 27,422.9866671 Ether, which, according to the then market price of $330 per Ether, is equivalent to $9,049,585.60. Over 1,800 unique accounts participated in the token sale.

"To see such overwhelming support for our community driven platform is both inspiring and humbling. As we strive to build a new and mutually beneficial breed of social network, we would like to extend our sincerest thanks to the passionate Indorse community, without which we would not be where we are today,” Indorse CEO and co-founder David Moskowitz said. “Together we will work to execute and build a new breed of social network which will ultimately, and deservedly reward the user to create shared value.”

Indorse said that it will use the proceeds of the raise as follows:

• 65 percent will be dedicated to research and development, which will involve the building of the Token App, smart contract systems, publishing system, claim voting system, advertising system, and the other relevant components
• 20 percent will be used for marketing including bringing in new members to the platform, developing partnerships, and bringing in advertising to the platform
• 10 percent will be set aside for operational costs such as office rental, accounting, code reviews and security audits, and other day to day operational needs and overheads
• 5 percent will be set aside for legal expenses

Indorse aims to build a serverless, decentralized network where professionals benefit from platform growth and data insights rather than third parties. It will offer users full control over their own data as they build their professional profiles and share skills on the platform.

“The proliferation of social media in our daily lives has undoubtedly enhanced how we communicate, interact and share data. However, this enhancement has come at the cost of user privacy, data protection and information ownership, as hundreds of millions of users actively upload their data without realising the true value of it,” Indorse co-founder and CTO Gaurang Torvekar said. “As we launch into our development phase we pledge to put the power back into the hands of the user and ensure that the value of the content is accrued to the users who create it through a transparent and decentralized platform.”

Indorse has partnered with a range of industry leaders such as Coinsilium, the accelerator that finances and manages the development of early-stage blockchain technology companies, Wings, the Ethereum-based price discovery and social promotion DAO, and Smith + Crown, the research group focused on the revolutionary technologies in the emerging field of cryptofinance.

It has also collaborated with well-known projects and platforms such as Bancor, the standard for creation of intrinsically tradeable cryptocurrencies or smart tokens, Change, an upcoming decentralised crypto bank, and bitJob the blockchain-powered marketplace for student employment.

“Traditional social networks have clearly shown the value of an outlet for engaged community voices, albeit in a way that is inequitable. Indorse is very eager to combine that group energy with the limitless potential of the blockchain and create a system that is more just and equitable for all,” Moskowitz concluded.

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