Blockchain-focused VC firm Algo Capital, which invests in Securitize, Idex and BlockDaemon, has raised $200 million for its Algo VC Fund, double the firm’s original goal of $100 million. The plan is to use the money to continue investing in businesses that are building on top of its Algorand blockchain and to accelerate the adoption of its native token, dubbed ‘Algo,’ in the payments space.

Per the announcement, the venture capital arm of NEO Global and Arrington XRP Capital hedge fund has participated in the seed funding round. Algo VC Fund has also raised funds from Brainchild, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others.

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Alongside the launch of the new fund, the blockchain-focused venture-capital group revealed that Algo VC Fund holds a large stake in Algos and will invest in emerging disruptors looking to build on the Algorand decentralized platform. Algorand is a new blockchain protocol designed by cryptography expert and Turing Award-winner Silvio Micali.

Since it had closed its $62 million funding round in 2018, Algo Capital focused exclusively on powering Algorand’s economy. Founded by David Garcia and Arul Murugan, the company has developed different financial products that accelerate access, adoption and liquidity of the Algo, the native digital currency of the Algorand blockchain.

Initial portfolio includes prominent crypto firms

Algo Capital has taken a special interest in the blockchain space over the past few months and has made investments into projects including security token issuance platform Securitize and decentralized exchange Idex. Its initial portfolio also includes BlockDaemon, a blockchain infrastructure and middleware orchestration platform, and OTCXN, the institutional exchange and custodian settlement platform.

Commenting on the news, Founding Partner at NGC Ventures Roger Lim said: “A key element of the NGC Ventures investment thesis is analyzing the caliber of leadership teams, be it the technical excellence, academic rigor, or business acumen. Led by luminaries across emerging technology, entrepreneurship, and investing practices, Algo Capital has world-class talent at the driving seat, and we look forward to seeing the success of its Algo VC fund.”

“Our investment approach specifically targets companies that are creating the next great blockchain applications and infrastructure solutions, and as a result, helping to speed blockchain adoption and bring millions of new users into the Algorand network,” added Arul Murugan, founder and managing partner at Algo Capital.