Alice SI, a blockchain based startup that helps charities raise funds, has been added by technology accelerator program Bethnal Green Ventures in order to receive funding and business support.
According to reports by UKFundraising, the company will be receiving an investment of £15,000 in exchange for 6% equity. The company will also receive co-working space at the Ministry of Startups in central London, and an intensive 12-week programme of mentoring and support, designed to accelerate the growth of the social venture.
“The core feature is to raise donations based on pre-agreed outcomes that are similar to “pay for success” contracts. These are then held in escrow in smart contracts on a blockchain and released only as and when the milestones are achieved. So the transparency comes from knowing what has been achieved, rather than looking at the exact use of the money. We work with both individuals and grantmakers,” Raphaël Mazet, co-founder of Alice SI told UK Fundraising.
Alice SI uses the blockchain technology to make sure ‘hyper-transparent philanthropy’, where donors only pay for results. The funds are held on smart contracts on the blockchain and only the charity can access the money when they’ve demonstrated ‘success’.
Being the ninth cohort including Alice SI and VR rehab company, Bethnal Green Ventures has welcomed 12 new startups to this ninth cohort.
