A new venture capital fund has been established with an aim to raise €100 million ($113 million) to invest in blockchain startups.

Called Meta Change Capital, the fund was established by Nikola Stojanow, co-founder of æternity blockchain and the creator of AE Ventures investment firm, to focus on funding blockchain development in emerging markets.

“I see the largest potential and supply of talent await in countries where blockchain is a tenfold leap to existing infrastructure that is crumbling, nonexistent or old,” Stojanow said in a statement. “MCC’s will focus on underdeveloped parts of Europe, MENA, Asia, Africa — especially parts where the capital will have a significant impact.”

Joining Stojanow at MCC is Luka Sucic, former head of investments and Acceleration at AE Ventures. Sucic ran AE Venture’s Starfleet accelerator program, an accelerator for startups using the æternity blockchain in developing markets.

MCC will not focus on æternity and will work agnostically with all next-generation blockchains providing capital and support for Series A rounds and beyond, the firm said. The focus includes emerging talent from underserved areas and investing in people trying to innovate, solve problems and make money from their ideas.

The fund, domiciled in the Cayman Islands, is regulated by the Financial Conduct Authority in the U.K. MCC is currently securing investors and plans to close its first round by the fourth quarter of this year.

Both Stojanow and Sucic have solid backgrounds in the blockchain business. Although æternity got off to a shaky start, having an Ethereum wallet linked to its initial coin offering hacked in 2017, it has been a solid performer since. Through AE Ventures, æternity has worked with the Microsoft Innovation Center to promote the growth of blockchain technology in the past.

Image: Meta Change Capital