Algo Capital, a financial institution that is focused on accelerating access, adoption, and liquidity of the Algorand blockchain, announced on Tuesday the closing of its Algo VC Fund at $200 million. Founded in 2015, Algo Capital creates financial products that accelerate access, adoption and liquidity of the Algo, the native digital currency of the Algorand blockchain.
“Algo Capital builds modern financial products to power Algorand’s borderless economy. It is a separate 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.”
While speaking about the VC fund, Arul Murugan, Founder and Managing Partner of Algo Capital, stated:
“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 how we ensure maximum value capture for Algo VC Fund investors.”
David Garcia, Founder and Managing Partner of Algo Capital, also commented:
“Algorand’s borderless economy is inherently global, and we see blockchain innovation happening in every corner of the world. We want to do our part to help foster this innovation and bring some of these very early-stage companies to the forefront. We believe their success will lift the rest of the Algorand ecosystem, accelerating adoption, growth and value creation.”
Algo Capital went on to add that the fund will invest in category-leading businesses that are building on the Algorand technology platform.