Algo Capital Closes Algo VC Fund at $200 Million – Doubling Expected $100 Million

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Algo Capital, the financial institution focused on accelerating access, adoption and liquidity of the Algo, the native digital currency of the Algorand blockchain, has closed its Algo VC Fund at $200 million, surpassing the firm’s original goal of $100 million.

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“A key element of the NGC Ventures investment thesis is analyzing the calibre of leadership teams, be it the technical excellence, academic rigour, 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.

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.

“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.”

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 CapitalEterna 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 the 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.

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 is 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.

For more information on the Algo VC Fund, visit https://algo.capital.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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