IBM, Comcast Ventures Back Fund for Blockchain Business Startups
- MState will connect startups with Fortune 500 customers
- The fund will also write checks of $25,000 to $50,000
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International Business Machines Corp. and Comcast Corp.’s venture arm will become the largest supporters of an investment fund for startups that help corporations use blockchain, the digital ledger that’s become a hot technology.
The startup accelerator, called MState, plans to invest $25,000 to $50,000 apiece in five or six companies over the next six months, co-founder Rob Bailey said in a phone interview. MState, with locations in New York and San Francisco, will also connect its startups with Fortune 500 clients interested in implementing their technologies, said Bailey, who was previously a partner at private equity firm Akkadian Ventures.