In conclusion of its recent Venture Capital (VC) fund, Algo Capital, an investment firm exclusively focused on the Algorand blockchain ecosystem has announced today that it has raised $200 million.
Founded by MIT professor, Silvio Micali, a cryptographer and Turing Award winner, the firm named the funding “the Algo VC fund,” and it was headed by blockchain investors and specialists David Garcia, Pablo Yabo, and entrepreneur-turned-venture capitalist Arul Murugan.
The latest fund saw the firm surpass its initial goal of $100 million, and has stated that the fund raised will be used to assist businesses that build infrastructure for the Algorand blockchain – an open-source cryptocurrency payment system.
Additionally, part of the funds will be channeled toward promoting the adoption of the firm’s native cryptocurrency, Algo, in making payments.
Algo Capital is on track in facilitating the adoption of its token as a means of payment, as it stated in the release that all commitments from the participants were received in Algo coins.
This is coming a few months after the Algorand Foundation raised more than $60 million via an auction of its Algo cryptocurrency on financial services platform CoinList.
Commenting on the recent development, 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.
He further stated that the approach would be used to facilitate the growth and development of the Algorand’s blockchain, thus ensuring that participants get the needed value for their investment.
Per the press release, the funding received financial backing from experienced crypto and blockchain players, including NGC Ventures (the venture arm of NEO Global), Brainchild, Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Investor 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others.
Each of these companies will be working closely with Algo Capital to leverage its platform for speed and security.