Blockchain startups? Here’s new $50 million fund launched, backed by HTC

By: |
April 21, 2019 8:27 PM

The fund is launched by the creator of HTC's Vive VR headset Phil Chen, Edith Yeung who earlier headed early-stage VC and accelerator 500 Startups' $10 million fund, and Chris McCann who was head of community at the US-based VC firm Greylock Partners.

The fund will back startups working in the areas of payments, remittances, custody, wallets, security, identity, etc.

As blockchain increasingly turns ubiquitous globally with businesses across sizes and governments adopts the technology for better transparency, security, speed at reduced costs in operations, venture capital investors also are jumping into the fray by making early bets on ideas that have the potential of scaling big.

The latest among them is Proof of  Capital — a $50 million fund to back blockchain startups globally, HTC said in a statement. The fund is launched by the creator of HTC’s Vive VR headset Phil Chen, Edith Yeung who earlier headed early stage VC and accelerator 500 Startups $10 million fund, and Chris McCann who was head of community at the US-based VC firm Greylock Partners.

The fund will back startups working in the areas of payments, remittances, custody, wallets, security, identity, etc, the company announced.

“Proof of Capital will work closely with HTC to define the standards and interactions for this new internet and bring mobile and hardware know-how for our portfolio companies,” said Chen.

The fund will invest internationally from day one and invest in teams from various countries and based in different jurisdictions, HTC said.

Proof of Capital has already made its maiden investment in Latin American-based blockchain platform Ubanx that connects a mainstream audience to the best blockchain ecosystem of products, services and benefits in the industry.

The VC firm has also partnered with blockchain-based smartphone HTC Exodus. Its other backers include YouTube cofounder Steve Chen, Greg Kidd who was the former chief risk officer at fintech company Ripple, live streaming platform Twitch cofounder Kevin Lin, and the Taiwanese plastics company firm Formosa Plastics.

“Out of all of the frontier markets I spent time in at Greylock Partners, the blockchain industry is the only new market where startups have a chance to build large, meaningful, and enduring companies,” McCann said.

Last year Angel India’s partner Utsav Somani along with other technology investors had reportedly launched a VC fund called B1T Capital to back crypto startups.

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