Borderless Capital, the Miami-based venture capital firm dedicated to the Algorand ecosystem, has announced the closing of PLANETS.Fund, a $10M fund focused on building a green data economy.
A statement said, “The fund will invest in the ecosystem surrounding PlanetWatch, the world’s first decentralized indoor and outdoor air quality monitoring network built on the Algorand blockchain. “PlanetWatchers” or Air quality sensor hosts participating in the PlanetWatch network are compensated with PLANETS tokens for streaming air quality data. The PLANETS.Fund is planning to invest the raised capital to deploy a global network of thousands of PlanetWatch air quality sensors across the globe. The Fund will also hold a long term position in PLANETS tokens and equity.”
Borderless Capital is anchoring the PLANETS.Fund with a $1M investment and investment firms such as SkyBridge, JUMP Capital, Kenetic Capital, Algorand Inc, Meld Ventures and Youbi Capital are joining the Fund along with individual investors ; Robert Matza, Steven Tannenbaum, Joseph Naggar and Deeb Salem (Partners at GoldenTree); Woodrow Levin (CEO of Extend.com), Sam Frankfort (partner at Benvolio Group), Steve Kokinos (CEO of Algorand), Kenzi Wang (Cere Founder and Hyperedge Capital Managing Partner), Sonny Signh (Co-Founder of BitPay) and individual investors from Genesis Capital.
‘We acknowledge that air pollution is one of the world’s most serious public health threats, with 9 out of 10 people worldwide living in places where pollutants exceed the guideline limits of the World Health Organization,” said David Garcia, CEO & Managing Partner of Borderless Capital. “This is why the PLANETS.Fund was established to accelerate the development of responsible air quality monitoring on Algorand, the market’s only carbon-negative blockchain, which will help us mitigate the problem with reliable data and at the same time create value for our investors, for the PlanetWatch network and primarily for the planet Earth.”
Claudio Parrinello, CEO of Planetwatch, said “We are humbled and grateful to PLANETS.Fund investors for subscribing to our disruptive new vision for global environmental monitoring, where the engagement of ordinary people is instrumental for network deployment and maintenance. With PlanetWatch, people are making their own city smart. We are currently building the largest air quality monitoring network in the world, so Fund resources will be instrumental for speeding up global deployment and engagement.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.