Blockchain-focused venture capital group Algo Capital, is launching a $100 million USD fund to invest and manage significant capital in emerging disruptors building on the Algorand decentralized platform.
The Algorand protocol was created by Silvio Micali – MIT professor, cryptography pioneer, and winner of the prestigious Turing Award. Algo Capital invests in promising companies at all stages that are creating solutions on the decentralized Algorand platform, with an initial focus on companies building fintech applications.
Steve Kokinos, CEO of Algorand, said:
“The launch of the Algo Capital fund demonstrates the momentum of the technology that Silvio Micali has been developing for the past several years. Algo Capital and its supporting lab will accelerate opportunities for developers and businesses to realize the potential of Algorand’s protocol for a truly global and decentralized economy. We look forward to seeing first-hand the innovative projects that will develop out of the Algo Capital fund.”
Arul Murugan, the Managing Partner of Algo Capital, said:
“The launch of Algo Capital signifies an invaluable opportunity to support and grow some of the world’s most promising startups that are building on the business blockchain of the future. We believe that value in the overall Algorand ecosystem will be captured by building real business and uses cases upon it, bringing hundreds of millions of users to wider blockchain adoption. Algo Capital looks forward to enabling and supporting entrepreneurs to leverage the unique benefits of the Algorand platform in innovative ways that will change the world.”
David Garcia, the Managing Partner of Algo Capital, said:
“I have been active in this space for more than five years as an entrepreneur and investor. I’ve had the opportunity to learn what succeeds and what fails, beyond just the technology. We invested in Algorand due to the outstanding technical and business leadership of its team. We also recognized the massive potential and have joined forces with others to launch Algo Capital to capitalize on the potential of the Algorand ecosystem.”
Algo Capital is funded by external investors who recognize the potential Algorand has to serve as the platform to create a truly decentralized economy. Algorand, a first-of-its-kind blockchain and digital currency purpose-built for business, is also an investor in Algo Capital, letting Algo Capital independently manage the fund while serving as an integral part of the growth of the Algorand ecosystem. In order to further support companies with which the fund will engage, the leadership team will establish a blockchain laboratory to provide developers and entrepreneurs with tools and resources to help them build on the Algorand platform.
The fund is managed by a diverse leadership group of four founding partners with more than six decades of combined experience in venture capital, crypto investment, and blockchain technology, including Managing Partners David Garcia and Arul Murugan. Garcia previously served as Managing Director and Partner of Ripio, and as Partner at one of the first digital asset funds in Latin America. Murugan is the Founder and former CEO of Enrich, a global leader in oracle procurement software-as-a-service, and Managing Partner of blockchain-focused venture capital firm 11-11 Ventures.
Algorand last month announced the closure of a $62 million USD equity investment, a round in which Algo Capital was a lead investor. In addition, the company onboarded senior executives Steven Kokinos as CEO and W. Sean Ford as COO to help launch the revolutionary blockchain. Kokinos is the Founder of global, cloud-based unified communications platform Fuze. Ford was previously Senior Vice President and CMO at one of the world’s top 10 public SaaS companies LogMeIn, Inc. (NASDAQ:LOGM).
- CEO Patrick M. Byrne Resigns From Overstock Over ‘Deep State’ Comment and Affair with a Russian Spy – Stock Rises - August 22, 2019
- Telx Technologies Launches World’s First Cryptocurrency Sim Card Wallet And Phone Number - August 22, 2019
- Chainalysis Launches Real-Time Alerts for Suspicious Transactions For 15 Cryptocurrencies - August 22, 2019
- Factom Launches New Stablecoin called PegNet Stablecoin - August 22, 2019
- HitBTC Cryptocurrency Exchange Offers Massive Rate Cuts - August 22, 2019
- American Classic Beer Miller Lite Teams Up with Blockchain Vatom Labs to Create New Customer Experiences - August 21, 2019
- WordProof and WORBLI Partner To Bring Online Content Transparency Using Blockchain Technology - August 21, 2019
- Polkadot Cuts Deal with Blockchain – 41M Wallets to get Polkadot.Network DOTS - August 20, 2019
- David Chaum’s New Quantum-Resistant Digital Currency, Praxxis, Has Arrived - August 20, 2019
- New Satoshi on the Block Plans a ‘Reveal’ – Bitcoin Community Responds - August 19, 2019
- Binance Announces Open Blockchain Project ‘Venus’ – Calls on Governments, Companies and Organizations to Develop Localized Stablecoins - August 19, 2019
- Blockchain-Fueled VeganNation raises $10 million for Vegan Global Marketplace - August 19, 2019
- Fight to Flame – Mike Tyson Denies Issuing Token and Working With Fight2Fame - August 17, 2019
- Bitcoin Wealth is Almost 50 Times More Concentrated than Global Wealth According to PARSIQ Research - August 16, 2019
- Graph Blockchain Signs LOI to Acquire Cyberanking Ltd. an Esports Company - August 16, 2019
- Blockchain Moves Into The US’s Largest Oil Fields With Data Gumbo - August 16, 2019
- BlockStar Teams Up With Cycling Apparel Brand De Marchi to Auction Fausto Coppi’s Cycling Jersey - August 16, 2019
- Zcoin Available to Five Million Merchants in Thailand - August 16, 2019
- Republic Partners with Althea to Launch First-Ever Compliant Security Airdrop for Retail Investors in the U.S. and Abroad - August 14, 2019
- Mark Cuban’s Dallas Mavericks Basketball Team Join Up With Bitpay To Accept Bitcoin For Tickets And Gear - August 14, 2019