Algorand Foundation Raises $ 200 Million to Develop Its Blockchain Ecosystem
Algo Capital has raised $ 200 million for its venture capital fund, Cointelegraph writes this Tuesday. The amount collected is exactly 2 times the primary goal of the project.
The new fund will invest in third-party companies and support the creation of infrastructure for the Algorand blockchain and the distribution of its own ALGO token as a payment instrument.
According to the press release, the Algo VC fund has received the support of such investors as Brainchild, NGC Ventures (the venture arm of NEO Global), Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster , and others.
The fund, which is believed to be the largest holder of ALGO, has revealed the names of the companies that will be able to receive its investment first. These include the platform for issuing security tokens Securitize, the decentralized exchange Idex, the developer of the blockchain infrastructure BlockDaemon and the institutional exchange OTCXN..
Investments for the fund were attracted in ALGO tokens, which will also be used as the main currency for settlements. Algo Capital notes that it will develop joint initiatives with various international startup accelerators and venture capital studios to expand its presence in North and Latin America, Europe and Asia.
In June, Algorand managed to raise $ 60 million in an auction by selling ALGO tokens, and last year the project received $ 66 million in venture funding with the participation of Union Square Ventures and Pillar Venture Capital..
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