New Venture Studio Offers $100K Funding to Algorand DApp Startups

Blockchain investment company Eterna and venture capital fund Borderless Capital have teamed up to launch Eterna Borderless Venture Studio, to support projects on the Algorand platform. 

The aim is to drive adoption and growth by providing tools and resources to decentralized app — or DApp — developers and entrepreneurs. Startups are eligible to receive funding up to $100,000, with Borderless Capital able to offer a follow-up investment of up to $2 million for companies that emerge as category-leading businesses.

The venture studio includes student groups from some of the world’s more prestigious universities —  including Oxford, Cambridge and Imperial College of London — along with PR marketing firm MarketAcross, and European startup ecosystem F6S.

Seven startups are already on board including MAX Markets, which is an international trading group launching a DEX; PlanetWatch, which is a network of air quality sensors and people that aims to incentivize environmental monitoring; and SingularityNET, the world’s first decentralized AI network where anyone can create, share and monetize AI services at scale. 

Andrea Bonaceto, partner at Eterna Capital Algorand, told Cointelegraph that they are seeking DApp startups from all sectors, but are particularly interested in finance projects: 

“Algorand is designed for the borderless economy so DApps in the financial sector will be well suited.” 

Bonaceto said the company had identified enormous potential with the Algorand platform due to its design:

“Algorand has developed an enterprise grade blockchain platform that is designed with developers in mind. We have been impressed with how quickly the Algorand ecosystem has grown since it launched last year.”