Borderless Capital is launching a $500 million ALGO Fund II to help develop projects built on the Algorand blockchain.
The company announced on Tuesday the fund will invest in “digital assets powering the next generation of decentralized applications on top of the Algorand blockchain network,” including projects “to disrupt the creators economy with [non-fungible tokens] and initiatives that can increase capital in the ALGO [decentralized finance] ecosystem through liquidity mining, lending, borrowing and yield farming,” the company said in the press release.
“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,” Borderless founding managing partner David Garcia said in the statement.
The Miami-based firm is among the leading investors in the Algorand ecosystem. In June 2019, it launched a $200 million ALGO Fund I. Borderless said that it is currently focusing $400 million in investments on Algorand projects through different funds.
The company said that its ALGO Fund I had invested in over 100 companies over the past 30 months, including Tinyman, Yieldly.Finance, Reach, Opulous and Flare Network.
It’s the second major injection of venture capital for Algorand in as many days. Former Citi exec Matt Zhang announced a new $1.5 billion venture fund on Monday with Algorand enlisted as a strategic partner.