Algo Capital, the blockchain-focused venture capital firm has announced to launch a $100 million (₹710 crores) fund to invest in emerging disrupting startups built on the Algorand decentralized platform. Silvio Micali, an MIT professor, cryptography expert and winner of the prestigious Turing Award developed the Algorand protocol.
Steve Kokinos, CEO of Algorand, said, “The launch of the Algo Capital fund demonstrates the momentum of the technology that Silvio Micali has been developing for the past several years. Algo Capital and its supporting lab will accelerate opportunities for developers and businesses to realize the potential of Algorand’s protocol for a truly global and decentralized economy. We look forward to seeing first-hand the innovative projects that will develop out of the Algo Capital fund.”
The US-based venture firm invests in promising startups at all stages that are working on solutions for the decentralized Algorand platform with a prime focus on fintech startups. The venture capital firm is backed by several external investors who recognize the potential of Algorand to serve as the platform for creating the future’s decentralized economy.
Arul Murugan, the Managing Partner of Algo Capital, said, “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. We believe that value in the overall Algorand ecosystem will be captured by building a 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.”
Algo Capital is backed by Algorand, the first of its kind blockchain and cryptocurrency platform. However, the venture capital firm independently manages the fund while serving as an integral system of the growth of the Algorand ecosystem. Algo Capital’s leadership team is set to establish a blockchain lab to provide entrepreneurs with various tools and resources needed for developing on the Algorand platform.
David Garcia, the Managing Partner of Algo Capital, said, “I have been active in this space for more than five years as an entrepreneur and investor. I’ve had the opportunity to learn what succeeds and what fails, beyond just the technology. We invested in Algorand due to the outstanding technical and business leadership of its team. We also recognized the massive potential and have joined forces with others to launch Algo Capital to capitalize on the potential of the Algorand ecosystem.”
Algo Capital is led by four founding partners who have more than six decades of experience in the blockchain, crypto investments and venture capital. The managing partner David Garcia previously worked as the managing director and partner of Ripio and partner at one of the world’s first digital asset funds in Latin America. The other managing partner Arul Murugan earier served as the CEO of Enrich, a global orcale procurement SaaS company and managing partner of the blockchain focused VC firm 11-11 Ventures.