Los Angeles-based venture capital firm Block26 has completed its first investment, contributing $450,000 to the ongoing seed round for bitcoin wallet provider Airbitz.
Launched in June, Block26 has indicated it plans to focus specifically on blockchain and digital currency ventures, contributing to seed to later-stage rounds.
Calling the funding the company’s “first big announcement”, Block26 principal Ni’coel Stark indicated that Airbitz is representative of the kind of companies in which her new venture firm is looking to invest.
Stark told CoinDesk:
“We’re really looking for nuances in the technology. Airbitz is an amazing wallet, it solves problems for consumers, but it’s so much more than that. We see opportunities beyond the wallet, the ability that they have to go into security, their contributions to the Internet of Things, altogether they really make them fascinating.”
She went on to call Airbitz “underrated” compared to its competition due to its team’s ability to contribute to areas of the technology beyond simply creating quality mobile bitcoin wallets.
“Block26 is attracted to what’s under the surface,” she added.
Going forward, Stark indicated that Block26 intends to “innovate along with the space”, and that it plans to focus on a smaller selection of high-quality startups.
Founded in 2014, Airbitz was previously accepted into the Plug and Play Tech Accelerator, based in Sunnyvale, California.