New Emerging Markets Fund Targets Blockchain Startups – CoinDesk

Asset management companies Alpha Innovations and Arcanum Capital has launched a $ 10 million venture capital with a focus on driving blockchain innovation in new markets.

The Arcanum Emerging Technologies Fund is set to be the first in a series of initial closures expected in late February, according to a company statement. The fund will provide seed and Series A funding to blockchain companies in emerging markets, the companies said in a statement Monday.

According to James McDowall, a founding partner at Arcanum, the fund aims to find, support as well as incubate blockchain startups that explore decentralized financing (DeFi) and build on Web 3.0. The fund also hopes to tackle social issues in new markets, McDowall said.

“DeFi is hot right now. But there is a lot of economic integration that needs to take place in India and other emerging markets, and that is something we are passionate about, ”McDowall told CoinDesk.

The fund will initially focus on blockchain projects in India, though not exclusively, McDowall said, adding that Arcanum Foundation partner Rahul Andra is based in Bangalore, India, where he works directly with blockchain communities to find promising projects.

According to McDowall, India has one of the largest pools of talented developers in the world and with about half of the country’s population under the age of 25, he expects a significant increase in innovation and entrepreneurship.

“At first glance, it’s not exciting because it’s only $ 10 million. But we can do so much with it in India, ”McDowall said.

Despite India’s lack of regulatory clarity when it comes to crypto, and its recent decision on move on with a carpet ban on mining, commerce and crypto investments in the country, the local blockchain space attracts significant capital investments.

In October, bitcoin investor Tim Draper bakkes op a $ 5 million Series A funding round for Bangalore-based cryptocurrency exchange Unocoin. In December, India’s largest cryptocurrency exchange became CoinDCX raised $ 13.9 million in Series B financing.

According to Alpha Innovations Chief Operating Officer Nicole Biernat, what drew her towards a partnership with Arcanum was its global team. Arcanum founding partners is based in New York, Zurich, Bangalore and Beijing.

“What is so powerful about it is that each of them has these very deep networks and connections in their respective areas. So there are many different places to get talent from, ”said Biernat.

All of the partners in the fund are veteran blockchain investors, McDowall said, adding that he has been investing in the space since 2016.

Bermuda-based Alpha Innovations and US-based Arcanum Capital have partnered with service providers, including Bermuda’s Peak Fund Services, Hikers and KPMG for the launch of the fund.

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