In the latest sign that investors remain bullish on bitcoin, a digital currency-focused AngelList investment syndicate has topped more than $1m in backing from its pool of investors.

The syndicate, led by Bitcoin Foundation board member and bitcoin investor Brock Pierce, is now the eighth most popular syndicate on the platform by total investor backing. The syndicate entered the top 10 in February, and also includes other big-name investors in the bitcoin space such as SilkRoad Equity co-founder Matthew Roszak and 500 Startups partner Sean Percival.

Speaking to CoinDesk, Pierce said that while he is pleased overall with the syndicate’s overall performance, it likely won’t hit its original goal of investing in 12 bitcoin startups in 2014. He said that, despite rising interest, his syndicate is currently struggling to find the right deals.

Pierce told CoinDesk:

“You have to find the good deals, you have to be able to get into the good deals and you have to be able to get the allocation for those good deals through crowdfunding channels. Those are obviously three big hurdles and when you get to that third rung, the bar is obviously relatively high.”

Pierce further revealed that the syndicate is close to finalizing its second investment so far this year, and that the formal announcement of the funding is forthcoming.

Launched toward the end of 2013, AngelList’s syndicate allows angel investors to raise capital for projects while earning on the performance of each deal. AngelList, founded by Naval Ravikant and Babak Nivi, provides a number of services to US startups and angel investors.

Inclusive finance

Since February, the number of investors engaged in the AngelList startup has also been on the rise. Today, the syndicate has 78 accredited backers, compared to just 23 in February. Investors can join the group with a minimum investment of $5,000.

Pierce credited the popularity of the group to his notoriety in the space and past investments, which have included BitFury, ChangeTip and GoCoin, saying:

“I’m obviously a very active investor in the bitcoin space, and a bunch of people said ‘Hey, I’d like the ability to participate in the deal flow’. So, people have been signing up.”

He further noted the similarities between the crowdfunding and bitcoin communities, saying that both groups are attempting to make finance more inclusive.

Crowdfunding

Due to the distributed nature of the AngelList platform and the syndicate, Pierce estimates he has only spoken to about two-thirds of the involved investors, though he knows one-third from their more active involvement in the bitcoin community.

However, he framed this fact as proof of crowdfunding’s power and its ability to help further bitcoin’s larger goals.

Pierce said:

“It’s exciting. […] I think that everything happening in the world of crowdfunding is incredibly interesting and incredibly disruptive and it’s going to turbocharge innovation.”

Piggybank image via Shutterstock