Miami-based venture capital firm Borderless Capital just announced the launch of its $500 million ALGO Fund II, which will invest in companies and projects that leverage the Algorand blockchain.
Borderless Capital, which was founded in 2018, has invested in more than 100 companies thus far and has run four global accelerator programs to promote Algorand’s growth. At a time when NFTs are soaring in popularity, these cryptocurrency platforms have come under increased scrutiny. Advocates for Algorand note that it lacks the expensive gas fees common on Ethereum, it features quicker-than-average transaction speeds, and it is carbon negative.
In a statement, Borderless Capital’s Founding Managing Partner, Arul Murugan, called Algorand “the most efficient next generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption.”
Murugan continued: “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.”
Steve Kokinos, CEO of Algorand, Inc., underscored Borderless Capital’s support of the cryptocurrency platform: “As accelerated adoption of Algorand’s technology continues, we are excited to see Borderless’s fund coming to fruition to support the next wave of DeFi on Algorand.” The blockchain infrastructure underpinning Algorand was developed by Turing Award-winning cryptographer Silvio Micali
This news comes on the heels of Borderless Capital’s $10M fund to build a green data economy, PLANETS.Fund, which closed last month. Borderless Capital has over $400M under management including its $200M ALGO Fund I, which launched in June 2019.
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