Algo Capital raises $200m for new blockchain-focused VC fund

Photo: REUTERS/Beawiharta

Blockchain-focused venture capital group Algo Capital has announced the closing of its new VC fund – Algo VC Fund – at $200 million, with backing from blockchain industry investors including NGC Ventures, which has offices in Singapore, Shanghai, and San Francisco.

Other investors include Eterna Capital, GSR.io, Cognitive Blockchain, Rokk3r Labs, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others, Algo Capital said in a statement.

The US-based VC firm focuses exclusively on empowering Algorand’s borderless economy. Algorand is an open-source public blockchain based on pure proof-of-stake consensus protocol that supports the scale, open participation, and transaction finality for billions of users.

With Algo VC fund, the firm said it will bring further investment to fledgling blockchain-based businesses in North America, Latin America, Europe, and Asia.

“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 of Algo Capital.

The closing of the new VC fund came less than a year after Algo Capital raised $100 million for its debut vehicle Blockchain Fund.

The Algo VC fund invests in category-leading businesses that leverages Algorand technology or creates economic activities in the borderless economy. The firm said its approach eliminates the speculation of blockchain investment, targeting category-leading projects with proven business models, steady revenue, and a clear path toward profitability.

NGC Ventures, one of the backers of the Algo fund, is one of the largest and most active institutional investors of cryptocurrencies. It has invested in over 70 projects, mostly in blockchain infrastructure and adoption technologies. It has offices in Singapore, Shanghai, and San Francisco.

“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,” NGC Ventures founding partner Roger Lim said.

Blockchain startups in Asia have recently attracted investors. Early this week, Singapore-based blockchain startup Terra announced that it has raised an undisclosed sum from HashKey Capital, an affiliate of Hong Kong-based fintech company HashKey Group.

Singapore government-backed global blockchain incubator LongHash also said its first cohort of startups have garnered a total of $9.7 million between January and March this year.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.