BitAngels, launched in 2013 by David Johnston, Michael Terpin and Sam Onat Yilmaz, is the first investor network for bitcoin and digital currency startups. The company aims to grow the blockchain ecosystem through community events intended to highlight new companies.
In its first round of funding, BitAngels secured roughly 10,000 BTC, worth approximately $4.6 million at the time, with the goal of reinvesting this capital in companies working with blockchain technology and technology pertaining to the bitcoin protocol.
At its launch, BitAngels received over 60 applications in the first two weeks, with startups focusing on bitcoin transfers through social media, better wallet development and compliant U.S. exchanges, among others.
Within one year, BitAngels had invested over $7 million in 12 bitcoin startups, and the number of investors grew from 50 based in the U.S. to over 300 globally.