BitAngels Sets Up Formal Investment Fund Worth Around $4.1M

BitAngels, the angel investment group which invests in BitCoin related startups, has launched a new, 10,000 BTC structured fund--approximately $4.1 million US dollars at press time--the first, dedicated fund for its BitCoin investments. The angel investment group, whose members include such local Los Angeles investors as Michael Terpin and Brock Pierce, said the new fund is aimed at helping to grow the Bitcoin ecosystem, and is being run with actual Bitcoin. The angel group has been quite active in investing in Bitcoin related startups, and is a backer of local Bitcoin startup GoCoin. BitAngels had previously done as many angel groups do, and asked members to participate in investments when they came up. They previously had around 50,000 BTC soft-committed by its members for investments in startups, but no formal fund.