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$100 billion: Singaporean venture capital firm launches funds for Web3 and Metaversum

 


Cryptocurrency venture capital firm NGC Ventures has launched a new ecosystem fund targeting Web3 projects. This underscores the increasing demand from investors for startups that are developing a decentralized Internet. 


NGC Metaverse Ventures is the company's third blockchain fund and has raised $100 million from investors including Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy, and GBIC. According to Roger Lim, general partner of NGC Ventures, the fund will provide capital to "promising projects" in the Web3 space.


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


Based in Singapore, NGC Ventures was founded in 2017 as a blockchain and fintech focused venture capital firm. The company made early investments in Solana ( SOL ), Algorand (ALGO) and Oasis (ROSE), among others.


Web3 and Metaversum projects attract a lot of interest from venture capital firms. Since mid-April, venture capital firms have invested almost $3 billion in such projects. Silicon Valley venture capital firm Andreessen Horowitz has even raised a $600 million fund targeting Web3 game startups.

The Web3 economy was a major topic of discussion at the World Economic Forum in Davos . In an exclusive interview with Cointelegraph, Polkadot ( DOT ) founder Gavin Wood said Web3's growth is "encouraging because it means people are seeing this technology behind it seeping into different applications" beyond crypto.


In 2022, record sums of money from venture capital companies are likely to flow into crypto projects again. In the first quarter alone, venture capital firms invested $14.6 billion, or 48 percent of 2021's total invested capital, in crypto and blockchain startups, according to Cointelegraph Research .

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