With A$34 million raised, 15,000 buyers involved and a constant stream of coverage throughout the sale periods, Power Ledger recently closed Initial Coin Offering (ICO) can only be seen as an overwhelming success.
Our support for this blockchain energy company, which is behind the leading peer-to-peer marketplace for renewable energy, began in July before the ICO pre-sale period started and ran through to the close of the main sale in October.
We took on this project with no previous experience in the energy sector, but a real belief in Power Ledger’s technology and the potential of blockchain to transform the sector. Not only that, we saw in Managing Director David Martin, Chair Dr Jemma Green and the rest of the founders a group of experienced operators who had identified an important issue in the energy market that needed to be solved.
It was clear from the start that this company was very different to some other companies that had launched ICOs with little more than a whitepaper and some vapourware. This was a team of founders with a vision for blockchain fuelled disruption.
Building an engaged buyer community
That clear vision was also apparent in the company’s goal for its ICO. Thinking ahead, they wanted to end up with a buyer pool that would want to support the company in the long run by using the tokens. Unlike other ICOs, the goal wasn’t a quick sale to a handful of ‘whale’ investors, as this wouldn’t generate the buy side interest afterwards that Power Ledger believed was vital for platform engagement and development.
Therefore, we needed to achieve regular and consistent coverage of Power Ledger both leading up to and then throughout the pre-sale and main sale periods, with the pre-sale taking place at the end of August and the main sale not closing until the start of October.
In July and August, 28 pieces of major coverage helped to build interest in the Power Ledger ICO, including mentions in the Guardian, Bloomberg, Huffington Post and Australian Financial Review, as well as a range of blockchain and crypto-currency websites and publications.
We got a sense that we were all achieving what we had set out to when it became clear that the pre-sale had been a success. It had sold out in 72 hours, with around A$17million raised and the coverage was clearly helping to build awareness and understanding of the ICO as the main sale approached.
Throughout this time, we were helped by a steady stream of newsworthy announcements from the Power Ledger team – a key aspect of good coverage that many companies forget that they can help with. These included the appointment of well known blockchain investor Bill Tai as an advisor before the pre-sale began and major new trails with Origin Energy in Australia and Tech Mahindra in India while the main sale was ongoing.
Funding to fuel platform growth
Eventually, the coverage achieved while we were working with Power Ledger during the months of July and October amounted to 114 pieces of major pieces. On top of the publications already mentioned, this also included TechCrunch, the Sydney Morning Herald and Channel 9 news.
Most importantly though, the coverage we achieved helped Power Ledger to achieve its target – significant funds raised to help them develop their platform, sourced from a wide pool of buyers who are interested in supporting the platform in the long term.
What the client said
“The team at Cryptoland were phenomenal partners for our ICO. They were relentless in their pursuit of coverage and raising awareness of the token sale within the crypto community. No opportunity was left unturned and as a result we have not only smashed our target for the token sale, we have hundreds of press mentions, including pieces in CNBC, Reuters, Bloomberg and more, speaking opportunities, analyst mentions and more. The full impact of the results Cryptoland delivered will be felt within the company for many months to come.”
Dr Jemma Green, Chair & Co-Founder at Power Ledger