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Friday, December 9, 2022

Singapore venture firm launches $100M Web3 and metaverse fund

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Crypto-focused venture firm NGC Ventures has launched a brand new ecosystem fund devoted to Web3 tasks, underscoring heightened investor demand for startups which are contributing to the event of a decentralized web. 

NGC Metaverse Ventures, the corporate’s third blockchain fund, raised $100 million from traders that included Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy and GBIC. The fund will allocate capital in the direction of “high-potential projects” within the Web3 financial system, in response to Roger Lim, NGC Ventures’ common associate.

The Web3 fund has already invested in three startups, NGC disclosed on Wednesday.

Based in Singapore, NGC Ventures was based in 2017 as a blockchain and fintech-focused venture firm. It was an early investor in Solana, Algorand and Oasis, amongst others.

Web3 and metaverse tasks have attracted important curiosity from the VC neighborhood. Since mid-April, venture corporations have pledged almost $3 billion to spend money on such tasks. Most notably, Silicon Valley VC Andreessen Horowitz launched a $600 million fund devoted to gaming startups throughout the Web3 financial system.

Related: VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate venture capital rounds

The Web3 financial system has been a key speaking level on the World Economic Forum’s Annual Meeting, which is underway in Davos, Switzerland this week. In an unique interview with Cointelegraph, Polkadot founder Gavin Wood mentioned the growth of Web3 has been “encouraging because it means that people are seeing this underlying technology feed into different applications” that transcend simply crypto.

2022 is shaping as much as be one other record-breaking 12 months for crypto VC. In the primary quarter alone, venture firms allocated $14.6 billion, or 48% of all of the capital invested in 2021, towards crypto and blockchain startups, in response to Cointelegraph Research.