US-based, blockchain-focused financial services provider Algo Capital closed its venture capital fund at $200m today having raised capital from limited partners including data marketplace Wibson and consulting firm Rokk3r.
NGC Ventures, the venture capital branch of blockchain network Neo Global, is also an LP, as are Brainchild, Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, 11-11 Ventures, Invermaster, Winslow Strong and DG Ventures, likely the fund set up by internet company Digital Garage and brokerage Daiwa.
Algo Capital was formed to support the growth of Algo, the digital currency for open source public blockchain Algorand, by investing in companies developing products or systems built on the Algorand technology platform.
The fund was oversubscribed from its initial target of $100m and has so far backed four companies: token issuance platform developer Securitize, decentralised exchange operator Idex, cloud network management tool developer BlockDaemon and digital asset trading network OTCXN.
Arul Murugan, Algo Capital’s founder and managing partner, 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 is how Algo Capital contributes to the growth and investment of Algorand’s borderless economy and enables maximum value capture for Algo VC Fund investors.”
