Algo Capital, a venture capital firm that is investing in startups building on the decentralized Algorand blockchain platform, announced this week that it has launched a $100 million ecosystem development fund for the next decade.
Unveiling a 10 year plan to incubate real businesses on @Algorand, AlgoCapital announces a $100M ecosystem fund.
— NM (@ByteSizeCapital) December 12, 2018
According to the announcement, Algo Capital will initially focus on startups building fintech applications on the Algorand platform, which features a permissionless, pure proof-of-stake protocol that was designed by MIT professor, cryptography pioneer and winner of the Turing Award, Silvio Micali.
“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,” said Arul Murugan, a managing partner at Algo Capital. “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.”
Algorand recently closed a $62 million equity investment, which will partially fund Algo Capital, in addition to a number of external investors.
News of the Algo Capital fund comes as venture capital is beginning to flow into the crypto industry, with the total year over year growth of investments surging a whopping 316% to $2.85 billion through three quarters of 2018, which is up from $900 million in 2017.
More: Algo Capital Announces $100 Million Blockchain Fund to Invest In Promising Companies Built on Algorand Platform
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.