Apple Co-Founder Steve Wozniak Joins Ethereum-Based Venture Capital Firm

EQUI Global, an ethereum-based venture capital firm, roped in Apple co-founder Steve Wozniak, who joined the company as a cofounder, according to a press release Monday. Wozniak will head the technology investments of the venture capital firm and will help it find "tech stars of tomorrow." He will also mentor the entrepreneurs and coach them with "world-class expertise and guidance."

"I get ideas pitched to me every single day, in fact, dozens and I always say no. Since I co-founded Apple with Steve Jobs, this is about the second time in twenty years that I actually said yes, I want to be a part of this. It has to be something I really believe in and I really believe in EQUI," Wozniak said in the press release.

EQUI Global intends to disrupt traditional venture capital fund by linking the gap between the cryptocurrency market and traditional investments.

"By launching EQUI, our aim is to... allow wider participation in an industry that traditionally has been the preserve of large institutions and Ultra-High-Net-Worth Individuals," the firm's website said.

The firm — whose other co-founders are Doug Barrowman and Baroness Michelle Mone of Mayfair Obe — offers a fund which differs from traditional venture capital investing. Investors can buy in or sell out when they want to through the liquidity of the EquiToken — the token specific to EQUI Global. The token can also be owned and switched, like any other cryptocurrency, without its owners having to get involved with the EQUI platform.

"Up to 80 percent of investment by EQUI will be in technology companies with the balance of 20 percent being in non-tech assets, such as real estate and investment collectibles such as art and vintage cars," the firm said in the press release.

Wozniak, who is no longer involved with Apple but still a key influence in the world of technology, explained what he planned on bringing to EQUI: "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. I like to see it happen for others and just to be a part of being able to help make it happen for a lot of others out there is going to be a big deal for me. I think I have an important role and I can help a lot."

In March, an initial coin offering was launched by EQUI Capital which hoped to raise $75 million, but only a part of that was actually raised. Failing to meet its target, the ICO shut down in June. It was then hit with scandal when the ICO's "bounty hunters" were not paid as promised for their work in promoting the coin sale.

It was reported Sept. 3 by the Financial Times that many who bought tokens in the ICO were refunded, with the exception of "sophisticated investors."

In a blog post on the EQUI Global website, Barrowman talked about "the story so far." The post explained the issues that surrounded EQUI Global. Barrowman indicated he regretted the choice of an ICO, and added the "fund" should have been the driver, not the token. He revealed the launch of EQUI was postponed while they rethought their approach.

"A venture capital fund with a tokenized back end. In so doing, we entered the world of regulated activity, with our token being reclassified as a security token. This meant that our token could only be traded on security exchanges, which are only now coming into existence." Barrowman said in the blog post published Oct. 15.