Borderless Capital closes $10M PLANETS.Fund to build green data economy on Algorand

Borderless Capital, the Miami-based venture capital firm dedicated to the Algorand ecosystem, announced today the closing of PLANETS.Fund, a $10M fund focused on building a green data economy.

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 world-class 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.”

PlanetWatch was founded in 2020 as a spinoff of the European Organization for Nuclear Research (CERN). The data collected by PlanetWatch air sensors is transcribed onto Algorand, creating an immutable air quality repository. The PlanetWatchers network currently has over 20,000 air sensors spread across the globe, with the number rapidly increasing. PlanetWatch went live on Algorand MainNet in August 2020.

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.

A special thank goes to Borderless Capital for supporting Planetwatch since its launch and leading the PLANETS.Fund initiative”.

This Week’s Most Read

  • Baronsmead VCTs exit first sterling unicorn after Ideagen sale

    Gresham House’s Baronsmead VCTs have exited their stake in compliance software business Ideagen following its sale to private equity firm Hg Capital. The deal values

  • Fund Research Governance: is ‘fine’ good enough?

    Written by Laura Bampfylde, Director, Global Assets – Wealth, at Redington One of the most enlightening books I’ve read was written by husband-and-wife psychologists, Alan

  • ONS: Repossessions by county court bailiffs increase from 45 to 770 (1,611%)

    Following the latest Mortgage and landlord possession statistics published this morning, which reveal repossessions by county court bailiffs increased from 45 to 770 (1,611%) between

  • PIMCO: US CPI Preview

    By Tiffany Wilding, North American Economist, and Allison Boxer, Economist at PIMCO  This week focus turns to inflation, where recent commodity price weakness will become

  • Creating a profitable HNW/LNW advice service in specialist markets

    By Simon Binney, Business Development Director, Wealth Wizards For financial planning firms targeting new clients, often the problem is not attracting clients to their business,

  • #Podcast episode 7: JM Finn’s Sir John Royden on his superhuman swim for The Brain Tumour Charity

    This week’s podcast episode is something a bit different for IFA Talk…but certainly not an episode to be missed! Sue and Bex talk to Sir

  • FCA issues letter to alternative investment firms’ CEOs – experts comment

    The FCA has today issued a six page letter to CEOs of alternative investment firms about their supervisory strategy for such firms. David Newman, chief

  • Tackling Burnout in Financial Services

    Financial services professionals are increasingly suffering with stress which can often lead to burnout – a state of physical and emotional exhaustion. Latest research tells

  • Advisers concerned clients are risking HMRC fines over trusts

    Advisers are concerned about their clients risking HMRC fines, by failing to register trusts with the Trust Registration Service (TRS) by 1st September, according to

  • PIMCO’s Tiffany Wilding: The Era of Kinder, Gentler Central Banks Is Over

    By Tiffany Wilding, PIMCO’s North American Economist Last week, the Bank of England (BoE) was the first major central bank to admit that it is

Latest IFA Magazine Podcast Episodes

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine