Arul's Algo Capital Closes Funding at 200 Million USD

Arul's Algo Capital Closes Funding at 200 Million USD

An Atlanta-based financial institution has closed its existing fund to invest in category-leading businesses that are building on the Algorand technology.

FREMONT, CA: An Atlanta-based financial institution Algo Capital which focuses on accelerating access adoption and liquidity of the native digital currency of the Algorand blockchain. It has announced the closing of its Algo VC Fund at 200 million USD.

The fund has outclassed the firm’s original goal of 100 million USD. It will invest in the business which seeks to accelerate the use and acceptance of the Algo as a means of payment.

Algo Capital builds new financial products to power Algorand’s borderless economy. The company is founded and led by veteran blockchain investor David Garcia, entrepreneur-turned-VC Arul Murugan, and blockchain technology expert Pablo Yabo.

Co-founder and managing partner at Algo Capital, Arul Murugan said in a statement that they are looking to invest in fintech startups, particularly within payments and lending. They are also looking at startups built on top of the Algorand technology platform within different industries like health care, blockchain gaming, and infrastructure. The company is planning to operate an Atlanta venture studio that will become the hub supporting all other venture studios across the globe.

The firm is exploring joint ventures with several venture studios and accelerators around the globe. With the support of these studios, the company is planning to bring further investment to flourish blockchain-based businesses in North America, Europe, Latin America, and Asia.

The initial portfolio of the company includes the leading institutional exchange and cross-custodian settlement platform (OTCXN). The leading security token issuance platform (Securitize), a decentralized exchange (IDEX), and one of the best blockchain infrastructure and middleware orchestration platform (BlockDaemon).

Many investors across North America, Latin America, Asia and Europe, including Brainchild, NGC Ventures (the venture arm of NEO Global), Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster, and many others have invested in the company.

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Source: Press Release