Algo Capital, a blockchain-focused venture capital group, announced the launch of a $ 100 million USD fund to invest and manage significant capital in emerging disrupters based on the decentralized Algorand platform over the next decade. The Algorand protocol was designed by the professor of MIT, pioneer of cryptography and winner of the prestigious Turing award, Silvio Micali. Algo Capital invests in promising companies in all phases that are creating solutions on the decentralized Algorand platform, with an initial focus on companies that build fintech applications.
Algo Capital is funded by external investors who recognize the potential that Algorand must serve as a platform to create a truly decentralized economy. Algorand, a unique blockchain and a digital currency specifically created for the business, is also an investor in Algo Capital, which allows Algo Capital to independently manage the fund, while serving as an integral part of the growth of the Algorand ecosystem . In order to further support the companies with which the fund will engage, the leadership team will set up a blockchain lab to provide developers and entrepreneurs with tools and resources to help them build on the Algorand platform.
Arul Murugan, Managing Partner of Algo Capital, said: "The launch of Algo Capital represents a valuable opportunity to support and grow some of the most promising startups in the world that are building the blockchain business of the future. in the global ecosystem of Algorand will be captured building real businesses and using cases on it, bringing hundreds of millions of users to adopt a wider blockchain.Algo Capital is looking forward to enabling and supporting entrepreneurs to take advantage of the unique advantages of the platform Algorand in innovative ways that will change the world. "
The fund is managed by a diversified leadership group consisting of four founding members with over six decades of combined experience in venture capital, cryptographic investment and blockchain technology, including Managing Partners David Garcia and Arul Murugan. Garcia previously held the position of Managing Director and Partner of Ripio and as a Partner in one of the first digital investment funds in Latin America. Murugan is the founder and former CEO of Enrich, a global leader in oracle procurement as a service software and a managing venture partner focused on blockchain 11-11 Ventures.
David Garcia, Managing Partner of Algo Capital, said: "I have been active in this space for over five years as an entrepreneur and investor.I had the opportunity to learn what happens and what goes wrong, beyond technology alone. in Algorand thanks to the extraordinary technical and commercial leadership of his team, we have also recognized the great potential and we have joined forces with others to launch Algo Capital to capitalize on the potential of the Algorand ecosystem ".
Last month Algorand announced the closing of a $ 62 million USD equity investment, a round in which Algo Capital was a major investor. In addition, the company has hired senior executives Steven Kokinos as CEO and W. Sean Ford as COO to contribute to the launch of the revolutionary blockchain. Kokinos is the founder of the global cloud-based unified communications platform, Fuze. Previously, Ford was Senior Vice President and CMO in one of the world's 10 largest public companies, LogMeIn, Inc. (NASDAQ: LOGM).
Steve Kokinos, CEO of Algorand, said: "The launch of the Algo Capital fund demonstrates the momentum of the technology that Silvio Micali has developed over the last few years: Algo Capital and its support lab will accelerate opportunities for developers and companies to realize the potential of the Algorand protocol for a truly global and decentralized economy.We can not wait to see firsthand the innovative projects that will develop from the Algo Capital fund ".