Disclaimer: Not too familiar with ICOs, and this might be ignorance on my part but genuinely interested in learning.

My understanding was that ICOs were basically a way to invest in companies/ideas smiliar to startups, and therefore reap the benefits if the project succeeds, ie upside.

Were the Siafunds given to investors as a way to reward them for investing in the company and therefore accruing in value as it grows and succeeds?

If so, is that a way to back out valuations for the company/product? (If that is the case, is it true that as more people use siacoins more revenue generated -> more profits -> value of Siafunds goes up)