Algo Capital Closes Algo VC Fund at $200 Million
Algo Capital, the financial institution focused on accelerating access, adoption and liquidity of the Algo, the native digital currency of the Algorand blockchain, today announced the closing of its Algo VC Fund at $200 million, surpassing the firm’s original goal of $100 million. The fund will invest in category-leading businesses that are building on the Algorand technology platform and seeks to accelerate the use and acceptance of the Algo as a means of payment.
It is backed by a collection of experienced financial and blockchain industry investors across North America, Latin America, Asia and Europe, including Brainchild, NGC Ventures (the venture arm of NEO Global), Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others.
Founded and led by veteran blockchain investor David Garcia, entrepreneur-turned-VC Arul Murugan, and blockchain technology expert Pablo Yabo, Algo Capital builds modern financial products to power Algorand’s borderless economy. It is a separate independent entity from both the Algorand Foundation and Algorand LLC, which developed a pure proof-of-stake protocol that is the first of its kind capable of supporting billions of users and transactions on blockchain.
As the venture arm of Algo Capital, the Algo VC fund is based on an investment strategy of creating and capturing value across all levels of the Algorand tech stack: the blockchain protocol, the infrastructure and the applications built on Algorand. Besides holding a large stake in Algos, the fund invests in emerging disrupters with proven business models, scalable revenue, and a clear path toward profitability. Initial portfolio companies include:
- Securitize - the leading security token issuance platform
- Idex - the leading decentralized exchange
- BlockDaemon - the leading blockchain infrastructure and middleware orchestration platform
- OTCXN - the leading institutional exchange and cross-custodian settlement platform
Each of the portfolio companies is working closely with Algorand to leverage its platform for speed, security and feature development.
“A key element of the NGC Ventures investment thesis is analyzing the caliber of leadership teams, be it the technical excellence, academic rigor, or business acumen. Led by luminaries across emerging technology, entrepreneurship, and investing practices, Algo Capital has world-class talent at the driving seat, and we look forward to seeing the success of its Algo VC fund,” said Roger Lim, Founding Partner at NGC Ventures.
Toward its goal of accelerating the use and acceptance of the Algo as a means of payment, all commitments to the Algo VC Fund were accepted in Algos rather than U.S. dollars and the Algo is the primary currency for all capital calls. Additionally, a portion of the firm’s capital investments are comprised of Algos, which allows portfolio companies to make use of the digital currency as a means of payment within the Algorand network.
With an eye toward the continued growth of the Algo VC Fund, the Algo Capital team is also exploring joint ventures with several venture studios and accelerators around the globe. These studios each support hundreds of early-stage startups across the world, and through these partnerships, Algo Capital will bring further investment to fledgling blockchain-based businesses in North America, Latin America, Europe, and Asia.
“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,” said Arul Murugan, founder and managing partner, Algo Capital. “That’s how Algo Capital contributes to the growth and investment of Algorand’s borderless economy and enables maximum value capture for Algo VC Fund investors.”
For more information on the Algo VC Fund, visit https://algo.capital.
About Algo Capital
Algo Capital is a financial institution focused on powering Algorand’s borderless economy. Led by a team of veteran blockchain investors and entrepreneurs, Algo Capital develops financial products that accelerate access, adoption and liquidity of the Algo, the native digital currency of the Algorand blockchain.
For more information, visit https://algo.capital/.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Verimatrix Wins TV Technology’s Best of Show for VCAS 5 for DVB26.5.2020 17:45:00 CEST | Press release
Verimatrix, (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that its VCAS™ 5 for DVB solution is a winner of the 2020 Future Best of Show Awards, presented by TV Technology. The award recognizes VCAS 5 for DVB – a powerful, re-engineered version of its VCAS for DVB Broadcast security solution – as an outstanding new product. “Despite not being able to debut VCAS 5 for DVB at NAB Show, we are thrilled for it to receive such a positive reception by the industry experts who served on Future’s Best of Show Awards panel of judges,” commented Asaf Ashkenazi, COO of Verimatrix. “What makes the next-generation solution stand out is not just its ability to provide the highest level of broadcast security available today, but also its ability to do so while benefitting operators with improved speed, adaptability, scalability and cost savings – as well as a reliable end-user experience.” In April, Verimatrix announced it had f
Mary Kay Unveils Groundbreaking Research During Skin of Color Society Virtual Program26.5.2020 17:32:00 CEST | Press release
Mary Kay Inc., a leader in skin care innovation for more than 56 years, continued its ongoing support of the beauty and scientific communities by presenting findings during the 2020 Skin of Color Society Symposium Virtual Program. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200526005633/en/ Dr. Lucy Gildea, Chief Scientific Officer of Mary Kay (Photo: Mary Kay Inc.) Dr. Cristi Gomez, Director, Product Safety & Environmental Toxicology, revealed new research on the science behind LumiVie, an intensive serum by Mary Kay that brightens, energizes and moisturizes skin. As urbanization increases globally, the effects of pollution on skin is a growing concern. Chronic exposure to air pollution has been correlated with visible aging—in particular, the development of pigment spots. Researchers at Mary Kay developed a skincare formulation containing botanical extracts and vitamins B3 and C that is both suitable for sensitive skin
Jefferies to Hold Global Coronavirus Relief Charity Day Dedicated to the Memory of Peg Broadbent on May 27th26.5.2020 17:17:00 CEST | Press release
Jefferies confirmed today that it will hold a Global Coronavirus Relief Charity Day tomorrow, Wednesday, May 27, 2020. The firm and its staff will contribute to global charities and relief efforts to assist those suffering from the devastation caused by the Coronavirus global pandemic and will offer investors around the world the opportunity to join these efforts by trading with Jefferies. Jefferies will dedicate this entire effort to their late CFO Peg Broadbent, who was a victim of this terrible disease. As previously announced, Jefferies will donate net commissions from trading on May 27 for all global trading in equities, fixed income and foreign exchange by the firm’s clients. In addition, Jefferies as a firm will donate $1 million directly, and all 3,822 employees worldwide will be given the opportunity to donate to these efforts. These contributions will be allocated to a series of charities on the front lines in fighting this ongoing global pandemic and providing urgently neede
New Automated Optical Inspection from Nordson EFD Verifies Fluid Deposit Placement and Accuracy26.5.2020 16:26:00 CEST | Press release
Nordson EFD, a Nordson company (NASDAQ: NDSN), the world’s leading precision fluid dispensing systems manufacturer, introduces OptiSure™ Automated Optical Inspection (AOI) software and confocal laser as add-ons to its existing vision-guided dispensing robots. OptiSure AOI add-ons provide optical assurance of fluid deposit accuracy and integrate seamlessly with Nordson EFD’s proprietary DispenseMotion™ software. Using robots’ existing vision systems to verify fluid deposit widths and diameters, the AOI software determines if dispense requirements have been met. Constant closed-loop feedback provides automated quality control (QC) data, saving manufacturers time and cost. “Optical assurance of fluid deposit accuracy in an off-the-shelf solution is a game changer for our customers,” said Johnathan Titone, global product line manager for automated dispensing systems, Nordson EFD. “We saw a need in the market to integrate automated dispensing and AOI and we’re pleased to provide a market-le
LTI Wins 2020 SAP® Pinnacle Award as the Industry Innovation Partner of the Year26.5.2020 16:13:00 CEST | Press release
Larsen & Toubro Infotech (BSE code: 540005, NSE: LTI), a global technology consulting and digital solutions company, has won the 2020 SAP® Pinnacle Award as the Industry Innovation Partner of the Year. This award recognizes LTI’s contribution to delivering best-in-class industry solutions that complement the industry portfolio from SAP. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200526005562/en/ LTI has a long-term relationship with SAP, spanning over 20 years, and is uniquely positioned as a partner, co-Innovator and customer. LTI is a Global Strategic Services Partner, and this partnership enables its participation in the SAP S/4HANA® Movement program to promote and accelerate adoption of SAP S/4HANA. In addition, this partnership enables LTI to work closely with SAP’s industry teams to deliver transformational industry specific solutions such as its Intelligent Construction Enterprise. With its deep industry expertise
Rockwell Automation Issues 2019 Corporate Responsibility Report and Launches New Online Hub for Corporate Responsibility and Sustainability Content26.5.2020 16:00:00 CEST | Press release
Rockwell Automation, Inc. (NYSE: ROK), today announced the launch of the annual Corporate Responsibility Report (CRR), highlighting the company’s efforts during 2019. The CRR reflects Rockwell Automation’s commitment to placing corporate responsibility and sustainability practices at the core of its approach to customers, employees, and communities. A global industrial automation and digital transformation leader, Rockwell Automation aims to be a principal voice in the corporate responsibility and sustainability space. The 2019 CRR highlights the company’s successful initiatives to continue to build a more inclusive workplace for employees; help customers reduce emissions and waste; and be a catalyst for progress in local communities. In conjunction with the publication of the 2019 CRR, Rockwell Automation today launched a new corporate responsibility content hub. Rockwell Automation’s corporate responsibility content hub will feature new stories and updates on its corporate responsibi