According to a press release published February 27, 2019, Pangea Blockchain Fund has successfully closed its seed round after raising $22 million. The firm debuted its maiden international fund which will be utilized to develop robust blockchain solutions.
An Aim to Develop Transformative Solutions
Despite the untamed movement of the crypto market, investors and venture capital firms continue to pour money into promising ventures in the nascent ecosystem.
On February 27, 2019, Pangea Blockchain Fund secured $22 million in a seed funding round. The firm expects fundraising to be capped at $200 million. Blockchain Investment Advisory Sagl, a Swiss-based company, will be the Fund’s investment adviser.
Founded by James Duplessie and William Duplessie, Sagl is led by a team of asset management and blockchain industry stalwarts.
Pangea Blockchain Fund’s vision is to be the market leader in developing creative and transformative blockchain solutions that could reshape the world’s social and economic fiber.
A number of distinguished entities participated in the firm’s seed funding round including the likes of Copernicus Asset Management SA, and Bitcoin Cash founder, Roger Ver. Notably, Copernicus Asset Management will also serve as the Fund’s investment manager.
James Duplessie, a co-founder of Blockchain Investment Advisory Sagl, said:
“Our team’s investment thesis is based on the profoundly important reality that blockchain will fundamentally alter the way society collaborates, transacts, governs and brings new concepts to life. We have chosen the name ‘Pangea’ for our business – because it means ‘whole earth’ – highlighting our intention to use blockchain as a means to provide unifying and transformative change to the world.”
He added that blockchain technology could be the “greatest driver of value creation in our lifetime.”
The press release mentions that Sagl will soon launch its Swiss-based incubator, Ticino Labs. The entity looks to develop innovative and creative investment solutions which are, at present, unavailable to market players.
Investors in for the Long Game
Uncertainty surrounding some of the highly-anticipated events in the crypto industry like the launch of a Bitcoin ETF and ICE’s Bakkt has not fazed investors from putting their money behind projects with real utility.
BTCManager reported on February 21, 2019, how blockchain security firm CipherTrace was able to raise $15 million from leading Silicon Valley and New York venture capital firms.