Blockchain Capital Announces Second Fund Closing, New Syndicate Partnership and Advisory Board Members
Venture capital firm Blockchain Capital has announced that it has announced the final closing of its second fund which has managed to accumulate $3 million over its $10 million target, for a total of $13 million in committed capital. Since 2013, commitments of over $15 million have been raised by Blockchain Capital.
Co-Founder and Managing Partner, Brad Stephens said: “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.”
During the first fund, Blockchain Capital’s had 30 portfolio companies and also accepted capital calls in bitcoin and funding portfolio companies in bitcoin. Blockchain Capital has been investing out of the second fund throughout 2015, with a total of 23 Blockchain technology companies already being invested in.
In addition to the closing of the second funding, Blockchain Capital also announced that its Blockchain Capital AngelList syndicate has partnered with Gil Penchina’s Flight.vc to form the Blockchain Capital @ Flight.vc syndicate. The company claims this is now the largest and most active syndicate focused on Blockchain and Bitcoin start up investment opportunities. So far, cumulatively, they have invested in 7 companies and raised over $2 million dollars.
Brock Pierce, Co-Founder and Managing Partner, commented: “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,”
Stephens added: “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.”
Alongside these events, 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