Mango Startups Basic Review
|Start ICO||21 Mar 2018|
|End ICO||21 Apr 2018|
Ticker symbol: MNG
Project type: Investment
Extended company description: Mango Startups is the first ICO backed by a VC Fund in Latin America.
Company: MANGO STARTUPS Pte Ltd
Public ICO start date: 01.03.2018
Public ICO end date: 21.04.2018
Token Sale duration (weeks): 4.4
Token type: ERC20
Token emission: 40,000,000
Tokens available (Pre-Sale + Public ICO): 30,000,000
Investment goal: MangoStartups undertakes to invest assets received during the ICO in a portfolio of up to 24 tech startups.
Price of 1 MNG: $0.10
Accepted payment: BTC, ETH, LTC, NEO
Token role: N/A
Team (number of people): 10
Advisors and partners (number of people): 3
Twitter: Postings: 24, Subscribers: 83
Telegram: Subscribers: 76
Medium: Postings: 3, Subscribers: 6
LinkedIn: Subscribers: 2
Facebook: Subscribers: 124
MangoStartups is a decentralized seed fund based in Latin America.
The project is investing in a diversified portfolio of up to 24 technological start-ups from different Latin American countries. The project offers transparency and compliance as well as a clear exit strategy for investors.
The main objective of the project is to democratize venture investments and become a bridge between the cryptographic and financial economies. Thus MangoStartups helps venture funds and start-ups to raise capital, using crypto assets to scale their products.
Mango Startups is an SPV [https://www.investopedia.com/terms/s/spv.asp] which has the opportunity to acquire up to a thirty-five percent (35%) interest in the portfolio of the InvertUP Fund 16/17. Mango tokens will be generated and sold to anyone who wishes to invest in a portfolio.
This will be done via secondary exchanges, where tokens will become available to all potential buyers. Any unredeemed funds will be invested in future portfolio companies included in the InvertUP or RETEI Accelerator Network in Latin America.
Mango Startups operates in conjunction with the InvertUP foundation and Parque Tec Accelerator.
Through the InvertUP fund, investment is made in a diversified portfolio that includes companies in the following industries:
- Blockchain technology
- Smart contracts
- VR / AR Advergames
- Solar energy
- Biomedical equipment
- Fantasy Sports Industry
- Banking services
- Video content
- Service Market
InvertUP - An initial investment fund that supports Parque Tec start-ups and the Latam Accelerator network.
Parque Tec Accelerator - A program that enables advanced Latin American technology companies to gain international recognition and the means to expand.
Investment attracted: N/A
The project is being led by the experienced Parque Tec Accelerator team. The project is aimed at venture investments in Latin America.
Strengths of the project:
- A portfolio featuring successful projects. [https://www.mangostartups.com]
Weaknesses of the project:
- The sphere of venture capital assumes long-term investment and a high risk of failure to receive dividends.
Market and industry
According to OECD, investment in Latin America has recently increased by 17%; the number of start-ups is also increasing. This is also confirmed by ECLAC, who state that investments have grown by 36%, reaching $1.73 billion over the past 8 years.
According to the project team, since January 2017 the capitalization of the crypto market has increased from $15 billion to $165 billion by October, a more than 1000% increase.
Regarding the Latin American market, according to data provided by the team, five Latin American countries are among the top ten for financial attractiveness, people skills and the business environment: Brazil (5), Chile (9), Colombia (10), Mexico (13) and Costa -Rica (19).
Annual data provided by the Latin American Venture Capital Association (LAVCA) show that investments in Latam VC (venture capital companies of Latin America) have been steadily growing over the past five years. The volume of investments exceeded $500 million, reaching a record-high 197 deals in 2016.
Comments: The Latin American market is developing dynamically. However, the question of how the project will attract investors remains open.
FinShi - A venture fund based on blockchain technology.
Scientific Coin - A decentralized fund established to support start-ups in the field of science and technology.
Numerai - A hedge fund engaged in investing in start-ups working with artificial intelligence.
Summary: MangoStartups’ main difference from its competitors is its specialization in Latin American start-ups.
Engineering features of the project
The platform will be built on the basis of blockchain technology.
The platform will operate as follows:
- Investors place their funds with MangoStartups.
- MangoStartups transfers the received funds to the InvertUP fund and other accelerators.
- After receiving a return on investment, MangoStartups distributes profits to investors through a buyback mechanism, in proportion to the amount of their investment.
- Investors sell tokens in the market thereby transferring tokens into fiat.
- MangoStartups redeems tokens on exchange(s).
Comments: The team is using technology which has already proven its efficiency. The fund also provided information on its successful projects.
- Jan 2018 - Smart contract committed on GitHub.
Going forward, with the development of technology and the amount of data it is planned to implement the following:
- Q3 2018 - creation of package 3 (16 companies).
- Q4 2018 - first distribution of profits to investors.
- Q4 2018 - creation of package 4 (24 companies).
Comments: A technical description and the token contract have been published and committed. With all details publicly available, the token is ready to be deployed. The team is currently open to suggestions via their GitHub repository.
The repository contains active blocks.
Comments: The smart contract is viewable in the project repository.
In the FAQ, you can find an example of the process for profit distribution between the project’s investors.
We have analyzed the MangoStartups website and documentation for sufficiency and consistency for making an investment decision.
Information about the project is contained in the white paper and terms and conditions, which are presented in English. The project is described in sufficient detail in the white paper; the main focus is on interaction with partners.
The website also provides information about the project, the staging of public ICO, the roadmap, frequently asked questions, the intended portfolio and the team. The website is available in English, Japanese, Chinese, Spanish, Russian and Korean. The website features a graph of frequently asked questions.
Summary: The documentation enables forming a comprehensive view of the project. Technical details are publicly available.
Tokens for sale%: 75
Public ICO start date: March 1, 2017
Token type: ERC-20
Accepted payment: BTC, ETH, LTC, NEO
Price of 1 MNG: $0.1
Crowdsale duration: 4 weeks, until April 21, 2017
The MNG token enables the receipt of bonuses from MangoStartups’ investments.
After receiving a return on investment, MangoStartups distributes profit in the form of MNG tokens amongst investors in proportion to the amount of their investments.
Token limitation: 40,000,000
Advantages for token holders: tokens are limited. Holders may either sell them or use them for investing on the platform.
Dividends and buyback: MangoStartups undertakes to use all net profit for distribution among all token holders as bonuses, or for the buyback of tokens.
Additional Token Emission: No
The token sale will be implemented in several stages:
- Pre-ICO sale period: March 1st, 2018 to March 20th, 2018
- ICO sale period: March 21st, 2018 to April 21st, 2018
Max goal: $3 million
Min goal: $1 million
Bonuses: Pre-ICO: 33% discount on main ICO rate
Comments: Mango tokens will be placed on exchanges after the end of the ICO; MangoStartups undertakes to use all net profits to buy tokens at a market price.
MangoStartups undertakes to use all assets left after distribution of profits (yields or partial payments) for the buyback of tokens at market price.
Summary: The signature campaign will be launched on February 18, 2018.
Token and capital distribution
Token and capital are distributed according to the following scheme:
- 75% - ICO
- 25% - Mango team and investors
Summary: Tokens do not affect the distribution of shares in the company. The incentive system is built in such way that it is more profitable to buy tokens earlier.
Summary: The development plans include information on crowdfunding.
The team consists of 10 people. Information about the main team members based on LinkedIn is given below:
Ami Lebendiker (Linkedin) - Founding partner of Mango Startups, CFO at Styras, program manager at Google.
Fernando Arriola (Linkedin) - Financial Director of Mango Startups, CEO of Styras.
Joseph Berganza (Linkedin) Software Engineering Director at Mango Startups.
The team has 7 more people.
Summary: Almost none of the employees indicated their affiliation with MangoStartups. The team is very diverse, with members from San Francisco, London and Costa Rica. The team also includes a Business Developer, Data Scientist, and Community Manager.
Information about the project is available via various popular channels such as Twitter, Telegram, Medium, Slack, LinkedIn, Facebook, GitHub, Crunchbase and Bitcointalk. The project has a bounty program.
The project is active on social media. News is updated regularly on Twitter and Facebook.
The format of articles about the project suggests they were written mainly to the project's order.
Comments: Interest in the project is still relatively low. The marketing campaign is being developed mainly on Twitter and Facebook.
A traffic analysis of the MangoStartups website based on Similarweb.com data showed the following:
Traffic sources: Similarweb
Comments: direct link: 44,36%, referrals: 3,58%, search: 52,06%, social media: 0%, mail: 0%
Search traffic: 52.06%, 100% of which is “organic”.
Referral links: 3.58%
A social activity analysis of the MangoStartups site on the basis of BE1.ru data showed that:
Traffic sources: [https://be1.ru/stat/mangostartups.com]
Largest numbers of visitors by country: Costa Rica - 53.44 %%, the USA - 42.98%, Russia - 3.58%
Referral links: icobench.com - 100.00%
Summary: According to available data, users currently have little interest in the project. However, the team is conducting an advertising campaign on Twitter and Facebook, and communicating with users on Telegram.
Over the past month (January), website traffic has increased by 10,000 people.
The developers may be contacted using the links below:
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.