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Boost VC: Fueling Blockchain enterprises

 

Boost VC investment crypto

 

Boost VC is a Silicon Valley based investment firm that focuses on providing financial backing to Blockchain, Virtual & Augmented Reality startups. In retrospect, the firm has both ICO and classic VC investments in its portfolio. Founded nearly seven years ago by co-founders Adam Draper and Brayton Williams, Boost VC recently made headlines when the firm claimed it had achieved a milestone that was four years in the making, financially backing 100 Blockchain and crypto enterprises. Interestingly startups who receive financial backing from Boost VC are also provided with a place to live and work while they focus on building their brilliant ideas.

 

In 2014, when Boost VC had made the commitment to make 100 investments, the firm actually wanted to invest in 100 Bitcoin companies. At a time when there was no clear distinction between Bitcoin and other cryptocurrencies. This goal later morphed into backing 100 Blockchain and crypto startups.

 

Marquee assets

 

In four years Boost VC has built a diverse portfolio of Blockchain and crypto investments. As with any investment, some of them fail while others make become widely influential. Here are a few of the most successful investments made by Boost VC.

 

Coinbase

 

Coinbase is a crypto exchange that essentially provides a platform for its users to trade cryptocurrencies, it also serves as a digital-wallet where cryptocurrencies can be exchanged for fiat money and vice-versa. Coinbase has received financial backing from Boost VC, among other VC firms, in tune of $75 million as part of a series C funding round, according to InWara’s private funding database. In retrospect, Coinbase has been aggressively acquiring other Blockchain startups that give Coinbase an edge over the competition. Coinbase has made eleven acquisitions till date, the latest being that of Blockspring. Blockspring essentially helps users connect various business API’s to data visualization tools such as google sheets. According to InWara’s M&A database, Coinbase’s largest acquisitions include that of Earn.com for $100 million and Paradex for $34 million. To understand the strategic rationale behind Coinbase acquisitions, check out InWara’s article on the same.

 

Ledger

 

Ledger is a cryptocurrency and Blockchain security company founded in 2014, who believes that security will the cornerstone of its success. The company claims to have sold over a million crypto hardware wallets across 165 countries. It also plans on providing financial institutions with a Ledger Vault to enable them to manage and store their crypto assets. These products are supposedly run by a unique operating system that can run on any secure hardware and support any cryptocurrency. Ledger hopes this technology will create a conducive environment for widespread adoption of any technology, where there is a lack of, due to poor security features. CEO of Ledger, Eric Larchevêque, was quoted saying “We initially designed our Ledger hardware wallet as an enabler for the blockchain revolution. Three years later and with this Series B, we are reaching a significant milestone in our path to build a technological giant in the promising space of cryptocurrencies. These funds will be used to keep investing significantly in R&D while scaling our operations and deploying our teams globally. I am delighted to bring on board Draper Esprit and a truly global group of investors who will support”. According to InWara’s private funding database, Ledger has received financial backing from Boost VC among other VC firms, in tune of $75 million as part of a series B funding round.

 

Filecoin

 

FIlecoin is a data handling and storage startup that leverages Blockchain technology to safely store data across its network. Currently, a majority of data storage solutions are centralized are vulnerable to cyber attacks. The Equifax attack is a good example to demonstrate the risks associated with centralized data storage. In 2017 hackers stole personal information including names, social security numbers and addresses of over 147 million Americans, akin to half of the country’s population. It could be as a response to this incident that in the same year, according to InWara’s ICO+STO database, Filecoin’s Initial Coin Offering-ICO managed to raise a whopping $257 million. Boost VC among several other VC firms participated in Filecoin’s ICO, investing as much as $ 52 million to buy its token, according to InWara’s private funding database. Filecoin aims to create a unique architecture that is an amalgamation between storage and retrieval Nodes to mitigate some of the problems with centralized data handling.

 

Investment by year of Boost VC

Boost VC crypto data

Source: InWara’s private funding database

Boost VC has consistently been incubating several Blockchain and crypto startups in its accelerator program since 2015, although this trend saw a significant dip in 2016. Contrary to the general market conditions, Boost VC has increased its overall capital commitments in 2018 over 2017.

 

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