Blockchain Capital closed its second venture fund at $13 million, surpassing its target of $10 million. The fund has already invested in 23 blockchain technology companies since 2015. Blockchain Capital also partnered with Flight.vc to form an AngelList syndicate focused on bitcoin and blockchain startups.
SAN FRANCISCO, CA–(Marketwired – January 27, 2016) – Venture capital firm Blockchain Capital (www.blockchain.capital) today announced the final closing of its second fund with over $13 million in committed capital surpassing its fundraising target of $10 million. With commitments totaling over $15 million since the firm’s inception in 2013, Blockchain Capital is an industry pioneer and leader in financing Blockchain technology companies and the Bitcoin ecosystem.
Blockchain Capital’s initial fund with 30 portfolio companies was the first venture fund dedicated to investing in the sector. The first fund also pioneered accepting capital calls in bitcoin and funding portfolio companies in bitcoin. Blockchain Capital has been investing out of the second fund throughout 2015 and has already invested in 23 Blockchain technology companies.
“We are excited to announce the closing of our second fund so that we can continue to support world-class entrepreneurs who are leveraging Blockchain technology to disrupt legacy industries and create new products and services around the globe,” said Co-Founder and Managing Partner Brad Stephens.
Blockchain Capital also announced that its successful Blockchain Capital AngelList syndicate has partnered with Gil Penchina’s Flight.vc to form the Blockchain Capital @ Flight.vc syndicate. This combined syndicate is now the largest and most active syndicate focused on Blockchain and Bitcoin start up investment opportunities. The Blockchain Capital @ Flight.vc has cumulatively invested in 7 companies raising over $2 million dollars to help entrepreneurs grow their businesses.
“Equity crowdfunding is a disruptive innovation in financial services that democratizes and decentralizes venture capital. As an early adopter of platforms like AngelList, we are thrilled to combine forces with Gil Penchina who is the leading investor on AngelList,” said Co-Founder and Managing Partner Brock Pierce.
“The pace of innovation we are seeing in Fintech, in general, and Blockchain technology in particular, is staggering. We are profoundly grateful for the support from our limited partners who are CEOs, family offices, technology executives, hedge fund managers, entrepreneurs and other venture capitalists. Sophisticated investors appreciate that this industry is complex and moving quickly, that specialization is important. They value our focus, deal flow, expertise and unparalleled network of advisors,” said Bart Stephens, Co-Founder and Managing Partner.
In conjunction with the closing of the fund and launch of the expanded AngelList syndicate, Blockchain Capital announced the appointment of Advisory Board members representing expertise in technology, financial services, entrepreneurship, legal services and regulatory issues:
- Alison Davis (Chairman) — Former CFO of Barclays Global Investors; Director Royal Bank of Scotland; Director Fiserv; Director Diamond Foods; (fmr) Director Xoom and First Data Corp.
- Terry Schwakopf — Senior Advisor at Deloitte; (fmr) EVP Federal Reserve Bank of San Francisco, banking supervision
- John Wolpert — Global Blockchain Offering Director, IBM
- Bobby Lee — CEO, BTCC; Director Bitcoin Foundation
- Mary Cranston — Director, Visa; (fmr) Chairman & CEO Pillsbury Winthrop
- Simon McNamara — CAO, Royal Bank of Scotland
- Niccolo De Masi — CEO, Glu Mobile
- Michael McAdam — CFO, Union Bank (Mitsubishi UFJ Financial Group)
- Vinny Lingham — CEO, Gyft (acquired by First Data)
- Charlie Lee — Founder, Litecoin; Director of Engineering, Coinbase
- Chris Pallotta — Partner, Raptor Capital; Advisor, MIT Media Lab
- Will O’Brien — Co-Founder, BitGo
- Matt Ocko — Partner, Data Collective
About Blockchain Capital
Blockchain Capital started the first dedicated venture fund to invest in Blockchain technology companies. The firm is based in San Francisco, and its principals are serial entrepreneur and Bitcoin Foundation Chairman Brock Pierce and veteran Silicon Valley investors Bart Stephens and Brad Stephens. To learn more, please visit www.blockchain.capital and follow @blockchaincap.
Accredited investors may invest alongside the fund or track its investments at: https://angel.co/blockchain-capital/syndicate.