Block.one, publisher of the EOSIO blockchain protocol, and SVK Crypto, a City of London headquartered investor in blockchain technologies announced today that they have partnered to launch a new US$50 million fund to accelerate the growth and development of the EOSIO blockchain ecosystem.
The fund is the fifth injection of capital through Block.one’s EOS VC initiative and will be managed by SVK Crypto and led by its co-founders, Hugh Cochrane and Shane Kehoe, market-leading professionals who both have more than a quarter-century of experience investing in successful early-stage technology companies and start-up enterprises.
It will invest in projects that are building on the EOSIO blockchain platform, with a focus on decentralized applications (DAPPs) for social media, data ownership, data control, technology platforms, supply chains and logistics. This includes established or early-stage companies that have started exploring EOSIO or are building software on the platform.
“Block.one has created the world’s most powerful infrastructure for decentralized applications and is the most forward-thinking company driving growth in the blockchain space. SVK Crypto is thrilled to partner with Block.one to establish a fund that enables developers to thrive. We look forward to helping to produce innovative game-changing DAPPs in the coming months and years.”
The latest fund announcement follows Block.one’s December 2017 commitment to invest over US$1 billion in businesses leveraging the transformative capabilities of the EOSIO software through EOS VC.
“Working with a market-leader such as SVK Crypto is a positive step as we grow the impact and footprint of the EOSIO developer ecosystem. This fund further strengthens our top-notch roster of VC partners focused on identifying and fostering projects that are building a decentralized, open future.”
Block.one’s EOS VC projects include: a partnership with Tomorrow Blockchain Opportunities to create a US$50 million fund managed by Derek Rundell, a managing partner of Eric Schmidt’s venture firm, TomorrowVentures; a joint venture to create the US$325 million EOSIO Ecosystem Fund with Mike Novogratz’s Galaxy Digital LP; a partnership to create US$100 million Europe-focused fund with FinLab AG, one of Europe’s largest FinTech investment groups; and a partnership with industry specialists Michael Cao and Winnie Liu to create a US$200 million fund to make strategic investments in Asia-focused EOSIO projects.
The new VC fund also comes on the heels of the May 15th announcement that former Commonwealth Bank of Australia CFO Rob Jesudason will join Block.one as Group President and Chief Operating Officer later this year.