Switzerland-based Pangea Blockchain Fund is making its debut after closing a $22 million seed round backed by crypto investor Roger Ver.
Announcing the news on Wednesday, Pangea said other investors in the round included Copernicus Asset Management, a Swiss firm regulated by the country's Financial Market Supervisory Authority. Copernicus is also acting as investment manager for the fund.
Pangea will invest in “transformative” blockchain startups around the world to provide them with an early-stage capital boost and other resources. The aim is to focus on the “commercial and industrial applications" of blockchain technology, and there are no plans to invest in cryptocurrency, the fund said.
The fund’s Swiss investment advisor is Blockchain Investment Advisory Sagl, while U.S.-based Blockchain Investment Advisory LLC is acting as sub-advisor. Pangea expects to cap its fundraising at $200 million.
James Duplessie, co-founder of Blockchain Investment Advisory Sagl, said he believes blockchain technology will “fundamentally alter the way society collaborates, transacts, governs and brings new concepts to life.”
Maggie Rokkum-Testi, chief investment officer of Copernicus Asset Management, added that the use cases for "a transparent, verifiable register of data transactions are endless.”
Blockchain Investment Advisory Sagl will also launch a Swiss-based incubator to be called Ticino Labs in the coming months.
Roger Ver image via CoinDesk archives
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.