Alger network obtains the first round of financing

It is reported that the first round of angel financing of encryption company Alger network was held in Silicon Valley on July 12. This round of financing is led by the venture capital fund affiliated to institutional venture partners (IVP) with an investment of US $6 million, and Blum Capital Partners with an investment of US $1 million. The specific equity distribution was not disclosed in detail.

Alger network obtains the first round of financing

IVP (institutional venture partners, IVP), founded in 1980, is one of the world’s top venture capital companies. IVP has invested in more than 150 venture enterprises, most of which are high-tech companies, such as Altera, lsilogic and Seagate technology. Reid Dennis, the founder of IVP, is one of the pioneers in the venture capital industry. Before that, he successfully founded  Ampex and the predecessor of IVAļ¼IVP. In the mid-1990s, IVP made its first investment in the Internet field to excite, which is one of the most famous portals of the Internet. At present, the venture capital funds under IVP management have exceeded US $ 1billion. From web 1.0 to Web 3.0, IVP’s venture capital fund has been playing a role in fuelling the flames.

Blum capital partners, LP, also known as Blum capital, is an equity investment company headquartered in San Francisco, California, founded by founder Richard C. Blum in 1975. Blum capital focuses on the investment of growth enterprises and has a strong interest in the investment and leverage acquisition of start-ups and emerging technologies.

Alger network obtains the first round of financing

This round of angel financing was conducted at the Silicon Valley headquarters of IVP, led by IVP, and received a total of USD 7 million in financing this time. According to Jacob Willis, chief operating officer of Alger, the funds obtained from this round of financing are mainly used for NFT R&D, node construction and market promotion.

Mason Steve, founder and CEO of Alger, said in an interview that Alger focused on the NFT field in the encrypted world.  Based on decentralization and autonomy, ALGER created a unique economic model of NFT image staging. Alger’s ecological R&D can be divided into three stages. The image NFT installment payment (BNPL) is the target of Alger NFT Finance’s first stage development, with the team as the project sponsor, the installment payment at the time of sale, and the image NFT agency technology. In the second stage, the staged market mode is started, and the team will introduce the third or funded pool mode to provide staged capital and collect relevant interest. This part of capital will be given priority by early investors to obtain investment rights; In the third stage, we will strengthen the financial function of NFT and combine it with the real economy to develop a trading mode linking virtual and real goods, such as automobiles, real estate and other commodities.

IVP is very optimistic about Alger’s global layout and is very interested in Alger’s new NFT ecology. Mason Steve himself worked in the investment department of IVP in his early years, and had a close relationship with IVP. This financing was also supported by the senior management of IVP, so the leading investment of IVP at this time was also a natural process.

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Company Name: Alger Network Co.,Ltd
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Country: United States
Website: http://www.algernetwork.com/