— Borderless (@borderless_cap) November 30, 2021
Borderless Capital, the Miami-based venture capital firm, announced the fund in a press release on Tuesday, November 30. This $500 million fund, called Borderless ALGO Fund II, 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 ALGO Fund II has followed Borderless ALGO Fund I that was launched by the firm back in June 2019. Fund I raised $200 million the venture capital arm of NEO Global, Arrington XRP Capital, and many others.
Borderless Capital is a VC firm with a special focus on the Alogrand ecosystem. According to the firm, it has invested in more than 100 companies in the last two and a half years and runs run four global accelerator programs across Asia, Europe, and North America to power the teams building on top of Alogrand. Some of the key projects backed by Borderless ALGO Fund I are Yieldly.Finance, AlgoMint, Six Clovers, Securitize, BlockDaemon, Flare Network, and many more.
As Crypto Economy reported, the firm has recently announced a $10 PLANETS.Fund to invest in the ecosystem surrounding PlanetWatch, the world’s first decentralized indoor and outdoor air quality monitoring network built on the Algorand blockchain. The fund’s capital came through the partnership between Borderless Capital and many other prominent investors including Algorand Inc. itself.
The firm noted that the new fund will add to the existing $400M that it manages and invest in project building next-generation of Dapps for DeFi and NFT ecosystem on Alogrand. Arul Murugan, Founding Managing Partner at Borderless Capital, said:
“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.”
Algorand-based projects can get support from many other Alogrand focused funds. Algorand Foundation also offers a 250M ALGO Grants Program and many accelerator programs. As reported, Arrington Capital, a US-based digital asset management firm in blockchain-based capital markets, also launched a $100 million Arrington Algo Growth Fund (AAGF) in June 2021 to support initiatives building on Algorand blockchain.
Steve Kokinos, CEO of Algorand Inc., commented:
“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.”