The R3 Development Fund, the ambitious corporate venture of the global enterprise software firm R3, which focuses on funding early start-ups and businesses that have been built on the Corda (for enterprise blockchain) and Conclave (the new platform for confidential computing) platforms provided by R3, has just hit a new milestone, having spent a total of $10 million in terms of capital deployment.
This massive amount is spread over 30 investments that the company has made across more than 20 startups and early businesses, that offer innovation in blockchain and confidential computing industries.
The company was established in 2019 with the aim of providing support to early-stage firms that are looking to make a mark in the global commerce industry, by making use of blockchain. The other goal is to establish R3’s own foothold in the world of trade finance, financial services, digital assets, and insurance, among other sectors. As of now, the company claims that even after having invested $10 million in capital deployment, they still have enough funds to carry out investments activities during the current fiscal year, and even beyond that.
The company has so far received over 250 offers for inbound investments, ever since its conception. The introduction of the Conclave platform allowed the firm to venture into the new ground of supporting companies that are building on confidential computing.
Now, the company is focusing on expanding its reach and that of its two platforms, aiming to strengthen its grip in its core markets, while at the same time, seeking out opportunities to step into other non-core sectors as well, including media and digital advertising.
Revealing the news, CEO David E. Rutter said, “R3’s strength is derived from its community, which includes a diverse range of start-ups from a myriad of industries – from insurance to education, supply chain finance to payment messaging – building and deploying apps for customers across the globe. The R3 Development Fund is already known in these industries as an expert strategic investor with a strong track record in backing the most promising early-stage companies. As ever at R3, collaboration is a key pillar of the Fund’s work. Now, more so than ever before, we recognize the importance and value of partnership and work very closely with all of our portfolio companies to provide support across a multitude of aspects, from fundraising to product and business development. We are excited to see so many of them going from strength to strength.”
R3 prides itself in having helped its portfolio companies show significant growth, especially during the third and fourth quarters of the last fiscal year, which was a year full of financial turmoil. It claims that its portfolio companies managed to grow and enhance their valuation, by making use of equity and convertible loan note fundraisers. It currently boasts of the largest enterprise blockchain ecosystem in the world, and also provides significant human resources to its portfolio companies, to allow for Go-to-Market assistance and legal guidance, apart from providing a robust co-investor ecosystem and significant technical assistance.
Massive investments like this in the blockchain world are a sign that the technology might be going mainstream, which is a good news for crypto holders as well.