Mangrove in $30m funding round for Saga Foundation

Lightspeed Venture Partners, the Singulariteam Technology Group and Initial Capital also took part in the financing.

The fresh capital will be used to launch the first non-anonymous blockchain-based digital currency, named Saga (SGA).

The initiative aims to tackle the concerns of policy makers, regulators and investors around cryptocurrencies' anonymity, lack of underlying value and high volatility.

Saga will be backed by a variable fractional reserve that is anchored to the IMF's Special Drawing Right (SDR).

The company decided against raising through an initial coin offering (ICO), instead raising capital from accredited investors including VCs and hedge funds.

Mangrove managing partner Michael Jackson spoke to Unquote about the tensions and competition between ICOs and traditional fundraising methods for an analysis piece last year.

Company
Founded in 2018 and headquartered in Zug, Saga Foundation has been set up as a not-for-profit foundation to promote and develop technologies for the launch of its digital currency. It is governed by Swiss laws and regulations including the Supervisory Authority of Swiss Foundations ESA and the Financial Market Supervisory Authority FINMA.

People
Mangrove Capital Partners – Mark Tluszcz (CEO).
Saga Foundation – Ido Sadeh Man (founder).

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