Algo Capital, a financial institution focusing on boosting access, adoption and liquidity of the native digital currency Algo, has closed its Algo VC fund on $200m.
The fund, which closed on double its initial target of $100m, will invest in businesses building on the Algorand blockchain technology platform and are increasing the use and acceptance of Algo as a payment method.
As part of its goal in boosting Algo as a means of payment, all commitments to the fund were accepted in Algos instead of dollars. The currency will also be the main form for investments.
The firm is also exploring joint ventures with several venture studios and accelerators around the world to further support growth of the industry.
Initial portfolio companies of Algo Capital include security token issuance platform Securitize, decentralized exchange Idex, blockchain infrastructure and middleware orchestration platform BlockDaemon, and institutional exxhange and cross-custodian settlement platform OTCXN.
Algo Capital founder and managing partner Arul Murugan said, “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.
“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.”
Algorand is a blockchain network which is designed for businesses. Its platform enables users to conduct secure digital transactions in full and with no forking.
Financial and blockchain investors across the world are leading the fund. Investors from Brainchild, NGC Ventures, Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others, are supporting the firm.
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