Steve Wozniak, the tech entrepreneur best known as the co-founder of Apple, has joined EQUI Global, a venture capital fund built using blockchain technology, as a co-founder.
In a Medium post published by the company, Wozniak said that he will scout for technology companies to find the “tech stars” of the future. He also said that he receives innovative pitches regularly; however, this is the first time, after Apple, that he has agreed to join a company. Wozniak added that he believes technology has the power to modify and improve businesses. EQUI Global not only caught his attention but also convinced him that it would prove to be a “game changer.”
According to Wozniak, the team is observing 20 different companies ahead of its official launch. Once the companies are short-listed, they will be mentored by EQUI Global’s board of social entrepreneurs. “We are the teachers and I believe in that so strongly because Apple was strongly mentored. The enjoyment we had, the passion, starting the company, the excitement, it’s the most exciting thing,” said Wozniak.
Wozniak also praised EQUI Global’s co-founders, Baroness Michelle Mone and Douglas Barrowman, for their history in supporting blockchain technology. Last year, Mone and Barrowman announced the development of the $325 million Aston Plaza and Residences in Dubai under their private equity firm Aston Ventures. In February 2018, the couple sold 50 apartments to Bitcoin users successfully.
The couple then launched an ICO for EQUI Capital but managed to raise only $7 million as compared to the expected $80 million by the end of June 2018. The company then abandoned the ICO, changed the name to EQUI Global, and partnered with Apple’s co-founder.
Talking about the new addition to the team, Mone explained, “Woz [Wozniak] has always been my business icon and it’s a dream come true to be working with him at EQUI.”
The “open-ended” EQUI fund will focus on non-institutional investors and tech companies, with only 20% set aside for non-tech companies such as real estate and investment collectibles. Investors can buy EQUITokens in order to join the venture capital fund. They will have the freedom to sell these tokens on external cryptocurrency exchanges to liquidate their investments.
Wozniak said that he believes firms like EQUI will disrupt the VC industry and allow other companies to follow the new model based on blockchain technology.