Algo Capital announced this week it closed $200 million in funding for its venture capital arm, Algo VC.
The fund plans to invest in businesses building on the Algorand blockchain platform, and increase uptake of the Boston firm’s cryptocurrency, the Algo. Several investors who backed the venture capital fund contributed in both Algos and U.S. dollars.
Algo Capital also noted that it aims to grow its venture capital arm by partnering with other global venture capital firms and accelerators investing in blockchain startups.
Arul Murugan, founder and managing partner of Algo Capital, said the firm was trying to grow globally.
“Our investment approach specifically targets companies that are creating the next great blockchain applications and infrastructure solutions, and as a result, helping to speed blockchain adoption and bring millions of new users into the Algorand network,” Murugan said in a statement. “That’s how Algo Capital contributes to the growth and investment of Algorand’s borderless economy and enables maximum value capture for Algo VC investors.”
Algo VC, which operates out of Atlanta, has already invested in four companies working with Boston-based Algorand to use its platform for “speed, security and feature development.” A portion of these investments were made in the Algos cryptocurrency, with the aim that companies would use the digital cash to pay in the Algorand network.
The fund invested in Securitize, a digital securities platform; Idex, a decentralization exchange for trading the Ethereum cryptocurrency; BlockDaemon, a blockchain deployment platform; and OTCXN, a blockchain-based custodial ledger.
Algo VC investors include Brainchild, NGC Ventures, Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and more.
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