On Tuesday (November 30), Miami-based Algorand-focused venture capital firm Borderless Capital announced the of its $500 million “Borderless ALGO Fund II”.
Borderless Capital calls itself “a blockchain VC firm and a modern financial institution investing capital and co-building financial products with our portfolio companies that accelerates access, bootstraps adoption, and creates value globally through the Algorand Borderless Economy.”
As Binance Research explained in a research report published in June 2019, Algorand is “a permissionless, pure proof of stake blockchain that ensures full participation, protection and speed within a truly decentralized network.”
Algorand’s aim is “to remove technical barriers that have undermined mainstream blockchain adoption: decentralization, scale, and security.”
Algorand was built by a team of “internationally recognized researchers, mathematicians, cryptographers, and economists along with proven business leaders from global technology companies.” The executive team consists of Silvio Micali (Founder), Steve Kokinos (CEO), and W. Sean Ford (COO).
Borderless Capital’s new fund will be “investing in digital assets powering the next generation of decentralized applications on top of Algorand, including opportunities to disrupt the creators economy with NFTs and accelerating the growth of the capital that participates in the ALGO DeFi ecosystem through liquidity mining, lending, borrowing and yield farming.”
Borderless Capital launched its first fund (“Borderless ALGO Fund I”) in June 2019; that initially managed to raise $200 million. It has “invested in more that 100 companies in the last two and half years, run four global accelerator programs across Asia, Europe and North America, teaming up with a strategic group of local partners who has been an advocate for powering the expansion and growth of Algorand’s use cases across the wider blockchain world.”
David Garcia, Founding Managing Partner at Borderless Capital, had this to say:
“We started Borderless Capital back in November 2018, even before the Algorand MainNet was live. It amazes us to see how the ecosystem has expanded since then, but we believe this is just the beginning and there is a lot of room to keep growing.“
The press release went on to say that this new fund will “add to the existing $400M that the firm manages, focusing on the Algorand ecosystem through a family of funds.”
Arul Murugan, Founding Managing Partner at Borderless Capital, added:
“Algorand is the most efficient next generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption. Our Borderless ALGO Fund II will continue to be at the forefront of the ecosystem and further ignite the growth by enabling the new innovation that is coming to blockchain.“
As for Steve Kokinos, CEO of Algorand, Inc., he stated:
“The Borderless Capital team has been a longtime supporter of many entrepreneurs, founders, and developers who have built the foundational Algorand ecosystem we have today. As accelerated adoption of Algorand’s technology continues, we are excited to see Borderless fund coming to fruition to support the next wave of DeFi on Algorand.“
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