Fineqia Invests in $21m Blockchain Crypto Fund IDEO CoLab Ventures
Fineqia (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) joins DEO, Avanta Ventures (the venture capital arm of CSAA Insurance Group), GS Group, Hanwha Asset Management and other institutional investors, as well as executives from IDEO, Coinbase, Twitter, Fortress, and other major tech companies and financial institutions in backing IDEO CoLab Crypto Fund, raising $21 million to help fun emerging startups in the blockchain space.
IDEO CoLab Ventures has invested in and helped incubate 30 blockchain and crypto start-ups such as Braintrust (https://www.usebraintrust.com, FalconX (https://falconx.io), Messari (https://messari.io) and NEAR (https://near.org), by bringing IDEO’s range of capabilities in the areas such as product design, customer research and collaborative corporate networks.
IDEO CoLab and taking Crypto mainstream
It has been almost an entire decade since Bitcoin introduced the world to blockchain technology and the possibilities it could bring in revolutionising the way encrypt sensitive data and democracies data transmission through pee-to-peer networks.
Since then there has been a steady stream of news and developments to what the future of the internet (or Web 3.0) would look like with the advent of blockchain.
Funds like the IDEAL CoLab Crypto funds have been at the forefront of crypto and blockchain, actively building with the technology, contributing to open source communities, launching initiatives like product validation day and fair launch capital, and co-creating with the founders of many protocols.
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Fineqia’s participation
Fineqia identified growth potential when investing in IDEO CoLab Ventures as being adjunct and strategically aligned to the company’s core business of placing debt and equity securities. Fineqia’s investment commitment as a limited partner in IDEO CoLab Ventures (https://www.ideocolab.com/ventures/) represents less than 5% of its market capitalisation, of which the initial drawdown is less than 2%.
The investment in IDEO CoLab Ventures was made via its subsidiary, Fineqia Investments Ltd (https://www.fineqia.com/fnq).
Our deep capabilities in design, product development, and blockchain technology enable us to attract world-class entrepreneurs and start-ups from around the world,” said Ian Lee, Managing Director of IDEO CoLab Ventures. “This has led to unparalleled investment opportunities and the chance to collaborate with some of the world’s best founders and companies on the development of this important technology and the businesses that are being built with it.”
Bundeep Singh Rangar, CEO of Fineqia
Fineqia’s investment follows others such as in blockchain insurance software company, Black Insurance; blockchain-based asset registration and clearing solution, Nivaura Ltd; blockchain-based asset manager Wave Financial Ltd; premium finance Software-as-a-Service (SaaS) provider, PremFina Limited; and Phunware Inc., an enterprise cloud platform for delivery of mobile content for brands worldwide.
We reached out to Fineqia CEO, Bundeep Singh Rangar for his take on the recent announcement
What attracted Fineqia to the IDEO Colab Ventures specifically?
The attraction was IDEO CoLab Venture’s affiliation with IDEO, one of the world’s top design company based in Silicon Valley. This heritage means it has unique insights into product design, UX and UI as well as fantastic access to Silicon Valley entrepreneurs and innovation.
What excited you most about it and what would you like to see come out of it?
Will be great to see some cool and game changing companies that benefit humanity, emerge from its portfolio of investments.
What impact has Covid-19 had on either accelerating or slowing down development of blockchain, both in terms of tech and start-ups ability to survive the current economic impact?
Blockchain technologies have definitely accelerated as it’s a propagator of a digital economic infrastructure, which has proved itself to be even more important at such times of contagion and physical restrictions.
How will the fund help these startups? By providing much needed start-up capital and a network of access to talent and customers, particularly large corporations.
How do you see blockchain shaping future tech and Web 3.0 from an investor perspective?
It’s laying the groundwork for a new economic model – a method of transferring value, storing wealth and unit of accounting – that decentralised encrypted and not subject to the whims and fancies of political agendas. The new Googles, Facebooks, Netsuites and Skypes will emerge for this new paradigm, which makes it very attractive for investors.
Does Fineqia have plans to fund any other similar ventures either now or in the future?
Fineqia has many investments at https://www.fineqia.com/fnq and we constantly evaluate other opportunities adjunct and strategically aligned to the company’s core business of placing debt and equity securities.
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About Fineqia Investments Ltd
Fineqia Investments Ltd is a wholly owned subsidiary of Fineqia International set up to hold the Company’s growing portfolio of blockchain, fintech and cryptocurrency technology companies worldwide.
About Fineqia International Inc.
Fineqia International is listed in Canada (CSE: FNQ) and quoted on stock exchanges in the United States (OTC: FNQQF) and Europe (Frankfurt: FNQA). Fineqia International sets out the corporate governance, corporate culture, processes and relationships of the company under which the Company and its subsidiaries are managed and managed. Fineqia International monitors and ensures the success, planning and growth of the Company and all of its subsidiaries. More information can be found at https://investors.fineqia.com/news.
About IDEO CoLab Ventures
IDEO CoLab Ventures, an affiliate of global design company IDEO, is a $21 million early stage investment fund focused on investing in and accelerating leading blockchain entrepreneurs and start-ups. More information can be found at https://www.ideocolab.com/ventures/.
