From the off. blog:

Explaining the hard cap
Our initial target was to raise 30 Million USD (We began accepting pre-commitments when the price of Ethereum was 300 USD). This process was planned in three equal phases:
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In the earlier phases of the project, through the support of our 14,567 pre-TGE contributors and 43 institutional investors, we ended up raising a total of 45,000 ETH. At this point, the price of ETH started to skyrocket, and we decided to stop accepting commitments to avoid over-raising.
Due to the overwhelming support and interest in our public TGE, we decided to revise the cap to 50,000 ETH and allocate 5,000 ETH for the public-TGE (19th Feb).