Borderless Capital Research
Investment Thesis
Borderless Capital is a leading Web3-native investment management firm focused on fostering dynamic blockchain ecosystems and supporting the next generation of innovators driving decentralized technologies. Since 2018, the firm has built specialized expertise in Algorand-based projects and Decentralized Physical Infrastructure Networks (DePIN), combining deep protocol knowledge with operator-level support to help founders achieve their full potential.
The firm's investment philosophy centers on three core beliefs:
- Protocol specialization: Deep expertise in specific blockchains (particularly Algorand) creates better investment outcomes
- Physical infrastructure convergence: DePIN represents a revolutionary approach to building and maintaining physical infrastructure at lower cost and greater efficiency
- Builder support: Investors should be active partners who understand both technical and business challenges
Sector Focus
Borderless Capital invests across multiple Web3 sectors with particular specialization in:
Decentralized Physical Infrastructure Networks (DePIN):
- Commodity DePINs (hardware like smartphones, laptops)
- Web 2.5 DePINs (hybrid decentralized/traditional systems)
- Impact-focused infrastructure
- Examples: Helium (wireless), Render Network (GPU computing), GEODNET (location services)
Algorand Ecosystem:
- Blockchain applications and protocols leveraging Algorand
- Business applications on Algorand
- Infrastructure supporting the ecosystem
Digital Asset Treasuries (DATs):
- Treasury optimization for institutions and corporations
- Bitcoin and multi-asset treasury strategies
- Emerging institutional adoption of crypto as reserve assets
Web3 Infrastructure & Services:
- Developer tools and platforms
- Compliance and regulatory technology
- Market infrastructure and data
- Decentralized applications across verticals
Emerging Areas:
- AI-powered crypto compliance and intelligence
- Solana ecosystem (recent focus shift, 2024-2025)
- Enterprise adoption of blockchain technology
Stage Focus
Borderless Capital invests across all stages from pre-seed through growth equity:
- Pre-Seed: Early-stage protocols and applications
- Seed: Foundational projects with initial traction
- Series A/B+: Growth and scaling stage
- Follow-on: Significant ownership stakes in successful portfolio companies
The firm has demonstrated lead and co-lead investing capability across all stages, with reserves for follow-on investments in successful portfolio companies.
Check Size and Deployment
Based on portfolio activity:
- Typical check size: $500K - $5M+ depending on stage
- Fund deployment: Actively deploying across three dedicated DePIN funds (Fund I, II, III at $100M each)
- Total AUM: Over $400M across multiple funds focused on digital assets and Web3
- Total investments: 250+ companies since 2018
The firm has demonstrated capability for both smaller seed checks and larger growth equity rounds (e.g., $500M+ corporate treasury plays).
Lead Tendency
Primary approach: Leads or co-leads rounds
Borderless Capital demonstrates strong lead investor tendencies with active governance participation. The firm:
- Led DePIN Fund III ($100M) with governance partnership
- Actively leads Series A and seed rounds across portfolio
- Takes board seats and advisory positions in portfolio companies
- Partners deeply with founders on operations and strategy
Recent Activity (2024-2026)
Major Recent Announcements:
- September 2024: Announced $100M DePIN Fund III with backing from Peaq, Solana Foundation, Jump Crypto, IoTeX, GSR, and others
- Late 2024: Expanded leadership team and trading operations
- February 2025: Expanded leadership team with new partner and head of trading
- 2025: Leading Cloudburst Technologies Series A (AI-powered crypto compliance)
- 2025: Participated in Avalanche Treasury Co. $675M+ business combination (AVAT)
- 2025: Supporting Solana digital asset treasury ecosystem (Helius, Forward Industries)
- Late 2025: Recent investments in DePIN protocols including XMAQUINA, TenX Protocols
Fund Status: Actively deploying across multiple funds (DePIN I, II, III and broader Web3 funds)
Last Known Activity: January 2026 (ongoing partnerships and new investments)
Notable Recent: Leading $100M DePIN Fund III focused on transforming physical infrastructure through decentralized networks. Portfolio includes Helium (1M+ IoT antennas deployed), Render Network (GPU computing), GEODNET (largest RTK network), DIMO (vehicle data), XNet, Wingbits, and 35+ additional protocol-stage investments.
Portfolio Highlights
High-impact exits and active companies:
- Helium: MVNO partnered with T-Mobile and Telefónica, deployed 1M+ IoT antennas in 18 months (first DePIN success at scale)
- Render Network: Decentralized GPU computing platform
- GEODNET: Largest real-time kinematic (RTK) network globally
- Algorand ecosystem: Early-stage investor in Algorand development, instrumental in ecosystem growth
- Recent active portfolio: XMAQUINA, TenX Protocols, Cloudburst Technologies, treasury protocol investments
Investment breadth: 250+ Web3 investments since 2018 across infrastructure, business applications, and cryptographic protocols
Team & Decision-Making
Key Leadership:
- Arul Murugan: Founding Managing Partner, 20+ years entrepreneurial experience in blockchain
- David García: Co-Founder and Managing Partner, leads investment strategy
- Sean Carey: Partner, Helium co-founder (DePIN Fund III lead)
- Álvaro Gracia: Partner, former head of U.S. investments at Telefónica (DePIN Fund III lead)
- Andrew Dempsey: Partner
- Ryan Silva: Partner and Head of Trading, CFA (institutional adoption focus)
- Corey Casbarro: General Counsel and Chief Compliance Officer, leads SEC compliance
- Patrick O'Kain: General Partner, former DOJ special agent (crypto compliance investments)
Decision Process: Partnership-based with distributed authority. Different partners focus on specific sectors (DePIN, Algorand, Digital Assets) enabling faster decision-making. Demonstrates collaborative investment approach with co-investors.
Team size: 36 employees with infrastructure supporting 250+ portfolio companies
Geographic Focus
Primary markets: US (Miami HQ with operations across major hubs), strong Latin American focus aligned with "borderless" mission
Secondary markets: Europe, Asia for specific DePIN and protocol investments
Global reach: Portfolio spans North America, Europe, Asia, with protocol-layer investments having borderless characteristics
Founder Preferences
Ideal founders:
- Technical founders with deep domain expertise
- Experienced operators who understand infrastructure challenges
- Mission-driven teams focused on solving real-world problems through decentralization
- Founders with track records in relevant industries (e.g., telecom, IoT, enterprise)
- Teams that can execute at scale and navigate regulatory complexity
Anti-thesis:
- Pure financial plays or short-term arbitrage
- Projects without clear product-market fit or use case
- Founders lacking operational experience
Investment Process & Timeline
Speed: Partnership-driven structure enables fast decision-making. Co-investor networks (Jump Crypto, Solana Foundation, etc.) facilitate efficient due diligence
Warm introductions: Not explicitly required given institutional reputation, but co-investor networks often provide natural pathways
Timeline: Based on deal activity, appears to move relatively quickly for sector (4-8 weeks typical)
Notable Differentiators
- DePIN Specialization: Only one of few VCs with dedicated, multi-fund infrastructure for DePIN investment
- Protocol-level partnerships: Relationships with Helium, Solana Foundation, Peaq, IoTeX
- Operator expertise: Partners like Sean Carey (Helium) and Álvaro Gracia (Telefónica) bring building experience
- Compliance leadership: Deep expertise navigating regulatory landscape (SEC relationships, legal team)
- Multi-fund strategy: Dedicated vehicles for DePIN, Algorand, Digital Assets enables focused expertise
- Institutional adoption focus: Early movers on digital asset treasury trend, positioning for institutional money
Sectors and Technologies
Primary Sectors: Infrastructure and developer tools focused on blockchain and decentralized systems
Tech Focus:
- Blockchain infrastructure and protocols
- IoT and distributed hardware networks
- GPU computing and rendering
- Location/mapping technologies
- AI-powered compliance and data
Key Technologies: Algorand, Solana, Helium protocol, decentralized hardware networks
Thesis Evolution
Borderless Capital has evolved from pure Algorand-focused investor (2018-2022) to multi-chain, multi-sector platform:
- 2018-2020: Algorand ecosystem building
- 2021-2022: DePIN discovery and Fund I, II launches
- 2023-2024: DePIN expansion, Solana relationship building
- 2025-2026: Digital asset treasuries, enterprise adoption, AI compliance
Core mission remains consistent: support borderless, decentralized innovation.
Investment Philosophy
Borderless Capital combines:
- Deep sector expertise (DePIN, Algorand, digital assets)
- Operational partnership (active support for execution)
- Regulatory sophistication (SEC-registered, compliance-first)
- Institutional relationships (co-investor networks, protocol partnerships)
- Long-term perspective (supporting builders through cycles)
The firm positions itself as a "builders' VC" with operator experience rather than a pure financial investor, particularly in infrastructure and protocol investments where technical execution is paramount.