# Algorand Foundation

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/algorand-foundation

- Industry: Internet
- Headquarters: Singapore, Singapore
- Website: www.algorand.com
- Total disclosed funding: $66M
- Latest round: Series A (Oct 24, 2018)
- Investors on record: 9

## About

Based in Singapore, Singapore, and founded in 2017, Algorand Foundation Ltd. is a company dealing with blockchain accelerating the convergence of decentralized and traditional finance. Silvio Micali is the founder and Steve Kokinos is the current CEO of the company. In October 2018, Algorand raised USD 62 million in a series A round of funding from new investors China Merchants Bank, Eterna Capital, Lemniscap, Vlane Capital, NEO Global Capital, Polybius Capital, and Slow Ventures, with participation from returning investors Union Square Ventures and Pillar Companies.

The company develops an open-source, permissionless, proof-of-stake blockchain protocol for next-gen financial products. Its technology called FutureFi (future of finance) focused on removing friction from the financial exchange, is driving the DeFi (decentralized finance) evolution by facilitating value creation and exchange, developing new financial tools and services, transferring assets onto the blockchain, and delivering appropriate privacy models.

The Arrington Algo Growth Fund (AAGF) plans to spur additional development in the company (AAGF will invest in Algorand-focused projects, including liquid and illiquid coins, to empower projects that are creating new financial applications in the Algorand ecosystem).

## Funding rounds

- Series A, Oct 24, 2018, $62M — Union Square Ventures, Slow, China Merchants Bank, Pillar, NEO Global Capital, Polybius Capital, Vlane Capital, Eterna Capital, Lemniscap
- Seed, Feb 15, 2018, $4M — Union Square Ventures, Pillar

## Investors

- Union Square Ventures (https://capitalatlas.ai/funds/union-square-ventures) — Seed, Series A
- Pillar (https://capitalatlas.ai/funds/pillar) — Seed, Series A
- Slow (https://capitalatlas.ai/funds/slow) — Series A
- China Merchants Bank — Series A
- NEO Global Capital — Series A
- Polybius Capital — Series A
- Vlane Capital — Series A
- Eterna Capital (https://capitalatlas.ai/funds/eterna-capital) — Series A
- Lemniscap — Series A