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Boost VC Enlists 24 Bitcoin Startups for Tribe 5
Boost VC’s launched Tribe 5 Monday with 24 bitcoin companies, bringing its total portfolio to 50 companies.
Boost VC, the California-based bitcoin investment firm headed by Adam Draper, has selected 24 startups for its latest batch of new bitcoin businesses, bringing its total portfolio to 50 companies.
Boost VC’s Tribe 5 began its three-month startup accelerator yesterday, as reported by Upstart Business Journal. According to Draper, the firm remains bullish on bitcoin and has no plans to stop investing in new startups and ideas.
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"While some people might have backed off of bitcoin a little bit, we doubled down," Draper told the publication. "We just invested in twice as many companies as anyone has ever invested in bitcoin. We broke our own record."
Draper added that he intends to grow the amount of companies in Boost VC's portfolio to as many as 100 by 2017.
Despite bitcoin’s recent price fluctuations, Boost VC continues to be extremely confident in the space and assertive with its investments.
Last month Draper revealed in the company’s "biggest announcement ever" that following new funding, it would provide each of Tribe 5’s graduating companies with 300 BTC in addition to the initial $10,000–$20,000 in capital that the companies receive upon admission to the accelerator.
Tanaya Macheel
Tanaya is a writer and sub-editor based in New York with interest in FinTech and emerging markets. Previously she has lived and worked in San Francisco, London and Paris. She’s also a trained figure skater and teaches on the side.
