VCs target Australian blockchain and cryptocurrency firms with $44m in funds
Start-ups with designs on making it big in the fast-growing world of blockchain and cryptocurrencies will be targeted by two new funds focusing on the Australian market, with almost $44 million to spend.
Apollo Capital, founded by venture capital fund Dominent Venture Partners' Domenic Carosa and Holger Arians and Wall Street veteran Henrik Andersson, is attempting to raise a minimum of $30 million and will specialise in crypto asset investments, which it defines as digital currencies, blockchain-based assets and initial coin offerings.
At the same time an $80 million global blockchain development fund, NEM.io Foundation, is expanding to Australia, with its global director of partnerships and strategic alliances, Jason Lee, planning to deploy around $14 million locally.
Mr Carosa said as the market continued to mature, he expected to see more funds targeting cryptocurrency and blockchain investments.
NEM.io, which has one of the top 10 most popular cryptocurrencies in the world called XEM, will be scouting for blockchain start-ups utilising its NEM blockchain.
It says it will have a "community-based investment approach", in which the majority of the NEM.io community needs to support the fund, along with other investment conditions.
The foundation is willing to invest up to 50 million XEM in projects, equating to about $13 million. So far it has invested in Melbourne-based start-up CopyrightBank, which aims to be a one-stop-shop to protect digital assets and has raised the equivalent of $650,000 from the fund...
http://www.afr.com/technology/vcs-target-australian-blockchain-and-cryptocurrency-firms-with-44m-in-funds-20171120-gzpg9f?btis#ixzz4zgFUZDNO
