Borderless Capital is a venture capital firm based in the United States, founded in 2019 by David Garcia and Adi Ben-Ari. The firm built its identity around one core thesis: that open, permissionless blockchain infrastructure would unlock financial access for underserved populations globally. Its earliest and most sustained focus was the Algorand ecosystem, where it positioned itself as a primary institutional backer of projects building on the protocol.
The firm manages multiple fund vehicles. While exact AUM figures have not been publicly disclosed in full, Borderless Capital announced a $500 million fund in 2022 – Fund III – targeting Web3 infrastructure, DeFi, and real-world asset tokenization across blockchains, not exclusively Algorand. This signaled an expansion beyond its original ecosystem focus. Geographic scope is global, with particular attention to Latin America, Africa, and Southeast Asia, regions where the firm's founders argue crypto-native financial tools have the clearest product-market fit.
Notable investments
- Algorand Foundation – early strategic backer of ecosystem development grants and infrastructure.
- Folks Finance – Algorand-native lending protocol; one of the firm's recurring DeFi bets on the chain.
- Tinyman – decentralized exchange on Algorand; backed at early stage.
- AlgoFi – lending and stablecoin protocol on Algorand; part of the core DeFi stack the firm helped fund.
- Yieldly – DeFi yield and prize savings protocol on Algorand.
- C3 Protocol – cross-chain clearing and settlement infrastructure, representing the firm's move toward interoperability plays.
- World Mobile – mobile network connecting unbanked communities in Africa; illustrates the firm's financial-inclusion angle beyond pure DeFi.
Public information on the full portfolio composition across Fund III is limited. The firm has confirmed backing 23 portfolio companies (per its own disclosures), with 44 lead investments recorded. Not all have been publicly announced.
Team
David Garcia is the most publicly visible figure. Before co-founding Borderless Capital, he held roles in enterprise technology and VC. He has spoken frequently at conferences about Web3 adoption in emerging markets and Algorand's technical differentiation. Adi Ben-Ari, the other co-founder, previously founded Applied Blockchain, a UK-based enterprise blockchain consultancy, and brings a technical background to the partnership. Beyond the two co-founders, detailed information on additional partners or investment staff is not consistently disclosed in public sources.
Recent activity
Between 2023 and 2025, Borderless Capital faced some of the same headwinds as other Algorand-aligned funds. The Algorand token (ALGO) significantly underperformed the broader market recovery seen in 2023 and 2024, which pressured the mark-to-market value of ecosystem-focused positions. The firm publicly maintained its conviction in Algorand's technical roadmap – particularly its AVM upgrades and state proofs for cross-chain verification – but the lack of sustained DeFi TVL growth on Algorand was a visible challenge for portfolio companies.
The Fund III mandate gave the firm room to back infrastructure plays beyond Algorand, and publicly available deal flow signals activity in real-world asset tokenization and cross-chain bridging projects, though specific deal names from this period have not all been confirmed in press releases or regulatory filings.
Borderless Capital remains one of the few dedicated institutional backers of the Algorand ecosystem and a notable voice in the financial-inclusion narrative within crypto venture. Its retail ROI of 0.63 reflects the difficult performance environment for Algorand-adjacent assets through the 2022–2024 cycle. Whether Fund III's broader mandate delivers better returns will depend on traction in the tokenization and cross-chain infrastructure sectors it pivoted toward. More information on the firm is available via its official site and its Crunchbase profile.
