by Joseph Young
Boost VC, a bitcoin-focused, San Francisco-based startup accelerator, has recently released new figures on its investments and the valuations of its startups.
Since 2012, Boost VC has funded 115 companies over six “tribes” or batches of startups. With the promise to accelerate 100 bitcoin companies over the next two years, Boost VC has already funded 52 bitcoin and blockchain companies that have raised US$52 million in total, over the past few years.
Bitcoin investor and Boost VC founder Adam Draper further explained in a Medium post that the total valuation of all Boost VC companies currently stands at US$390 million (excluding Tribe 6), and more than 20 startups have raised around US$1 million after the completion of Boost VC accelerator program.
The release of the new investment data comes with the announcement of Tribe 7, Boost VC’s seventh batch of startups, including virtual reality startups, following the firm’s announcement on June 2 that it will be diversifying its investments to include both bitcoin and virtual reality, while expanding its team’s expertise toward other early tech sectors.
“We’re good at building communities around early tech sectors. We bring together investors, entrepreneurs, and builders, and by focusing investments on a category over time, we ourselves become experts in the subject, and thus more valuable to startups that might want to join,” Draper told TechCrunch in an interview.
Despite the Boost VC team’s decision to accept a roughly equal number of virtual reality and bitcoin startups, the firm included just five bitcoin startups in their newest batch of startups, Tribe 6.
Draper, however, explained that the firm is now searching for opportunist problem-solvers and applications which are ready to enter the “new generation of bitcoin, one with regulation and institutional adoption.”
“We are looking for crazy ideas, we are looking for big ideas from fearless founders, we are looking to push the evolution of the next stage of bitcoin and the blockchain,” said Adam Draper on a ZapChain post.
Boost VC is trying to find startups like BitProof, which reinvents and transforms unique concepts like smart contracts platforms and target unique niche markets that are uncommon.
“Go after big problems,” said Draper. “Reinvent real estate with smart contracts, get robots to pay each other, kill internet ads, build a new country built Bitcoin first. Bitcoin and the block chain enables a whole new way to incentivize and transact, so change the world with this new tool. Surprise us with an idea we have never seen before.”