Monday, November 04, 2024
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NGC Ventures Contributes to $200 Million Algo VC Fund

Algo Capital, the financial institution focused on accelerating access, adoption and liquidity of the Algorand blockchain, today announced the closing of its Algo VC Fund at $200 million. The fund will invest in category-leading businesses that are building on the Algorand technology platform. It is backed by a collection of experienced financial and blockchain industry investors, including NGC Ventures, Eterna Capital, GSR.io, Cognitive Blockchain, Rokk3r Labs, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others.

Led by veteran blockchain investor David Garcia, entrepreneur-turned-VC Arul Murugan, and blockchain technology expert Pablo Yabo, 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.

“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,” said Arul Murugan, founder and managing partner, Algo Capital. “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.”

As the venture arm of Algo Capital, the Algo VC fund is based on an investment strategy of creating and capturing value across all levels of the Algorand tech stack: the blockchain protocol, the infrastructure and the applications built on Algorand. The fund invests in category-leading businesses with proven business models, scalable revenue, and a clear path toward profitability. Each of the portfolio companies are working closely with Algorand to leverage its platform for speed, security and feature development.

“A key element of the NGC Ventures investment thesis is analysing the calibre of leadership teams, be it the technical excellence, academic rigour, or business acumen. Led by luminaries across emerging technology, entrepreneurship, and investing practices, Algo Capital has world-class talent at the driving seat, and we look forward to seeing the success of its Algo VC fund,” said Roger Lim, Founding Partner at NGC Ventures.

With an eye toward the continued growth of the Algo VC Fund, the Algo Capital team is also exploring partnerships with several venture studios around the globe. These studios each support hundreds of early-stage startups across the world, and through these partnerships, Algo Capital will bring further investment to fledgling blockchain-based businesses in North America, Latin America, Europe, and Asia.

“Algorand’s borderless economy is inherently global, and we see blockchain innovation happening in every corner of the world,” said David Garcia, founder and managing partner, Algo Capital. “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.”

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