The founder of the Telegram messenger, Pavel Durov, reported to the US Securities and Exchange Commission (SEC) on attracting $ 850 million from 81 investors, according to the materials published on February 13. They feature two companies registered in the British Virgin Islands - Telegram Group Inc. and TON Issuer Inc. Both are run by Pavel and Nikolai Durov, the document says.
The first payment from investors was received on January 29, 2018, it follows from the report. It notes that the attracted $ 850 million will not be spent on rewarding the Durov brothers. The money is needed to develop a new block-platform Telegram Open Network (TON) with its own crypto currency and Telegram messenger.
The document is information on the placement of securities in Form D. This form of filing with the SEC is used to "notify about the released offer of securities", most often it is used by small companies to attract venture money, explains Valeriy Zernov, a leading analyst with Sovlink investment company . It protects investors from fraud. In the column "type of placed securities" are indicated "agreements on the purchase of crypto-currency".
In a document for the SEC, Durov did not name his investors - and this had to be done by him or their friends.
February 16, Qiwi co-founder Sergei Solonin said that he invested $ 17 million in Telegram, while David Yakobashvili, co-founder of Wimm-Bill-Dann, told Vedomosti about the $ 10 million investment.
Roman Abramovich became another Russian investor. About his investments in Telegram "Vedomosti" told two people who are familiar with the managers of the entrepreneur, and a person familiar with the major participants of the ICO. The latter heard that the entrepreneur could invest $ 300 million in the messenger. Two other interlocutors of Vedomosti, note that Abramovich was one of the first Russians to receive the right to invest in Durov's companies.
A representative of Millhouse (this company manages Abramovich's assets) John Mann declined to comment. Pavel Durov refused to answer the question of "Vedomosti", sent through his messenger.
Demand for Telegram tokens was a rush. Instead of the necessary $ 850 million, investors applied for $ 3.8 billion. Some investors gathered in syndicates to participate in ICO Telegram. One of the interlocutors of "Vedomosti" knows the funds that have invested in this way from $ 50 000 to $ 100 000.
Telegram did not conduct ICO in the usual sense, says a person who knows the procedure for raising funds for TON Telegram investors. Rather, it is a closed placement of securities in ordinary currency - dollars and euros. Investors buy rights to the internal crypto currency of the project, the so-called Grams, but by another agreement: until TON is launched, these are just securities that involve participation in the future distribution of tokens.