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$7 million invested, 324 Angels, $50 million earmarked

22 Jan, 2014

BitAngels announces it has invested $7 million (7,000 BTC) in 12 different Bitcoin startups since May 2013. Those startups have included Bitcoin layer “MSC Protocol,” Bitcoin payment platform GoCoin, Seasteading incubator Blueseed, Bitcoin instant exchange Cash Into Coins and Bitcoin mining hardware company CoinTerra.

David A Johnston: Like the digital currency itself, BitAngels had small beginnings, but also like the digital currency, we continue to expect that we’ll head straight to the moon, which might be the one place where BitAngels doesn’t have a presence right now.

BitAngels now has 330 members across 23 countries. In total, its members have $50 million worth of bitcoins earmarked for future investments, making BitAngels one of the biggest financiers in the Bitcoin space.

Terpin: A third of applications are “completely ridiculous crap, while another third are not quite fully baked. The remaining third are interesting enough for the BitAngels members to discuss.¬†We take more risks than the VCs do. We put money into companies that are still in the concept stage, that have no revenue, that are maybe two guys in a garage. As an angel group should.