INS Ecosystem, a Moscow-based platform aiming to enable direct delivery between grocery manufacturers and their consumers, announced the close of its $42 million ICO crowd sale on December 25, 2017. The sale reached its hard cap of 60,000 ETH, translating to roughly $42.5 million via the official December 24th exchange rate.
The sale opened on December 4th when Ethereum was priced at $457.28.
According to data from Token Report, 60% of INS tokens were sold in the ICO, 20% were reserved for the fund, 15% was allocated to the team while the remaining 5% was saved for advisors and consultants.
Global Grocery Disruption
The global grocery retail market is worth up to $11 trillion, and INS Ecosystem aims to revolutionize the way merchants interact with their customers. The “tokenized” startup was founded by Peter Fedchenkov, a Russian national who also created Instamart in 2013.
INS Ecosystem believes that by applying blockchain technology to food delivery systems, they can create an edge over the competition through more efficient supply chains.
Despite the optimism, INS Ecosystem is not a new player in this industry, nor is it the only innovator. Publicly traded e-commerce firms such as Amazon, Walmart, and Alibaba will present stiff competition to new entrants in the market. Amazon recently made headlines with its foray into food delivery through its $13.7 billion acquisition of Whole Foods announced earlier in the year.