Crypto-focused venture firm NGC Ventures has launched a brand new ecosystem fund devoted to Web3 tasks, underscoring heightened investor demand for startups which can be contributing to the event of a decentralized web.
NGC Metaverse Ventures, the corporate’s third blockchain fund, raised $100 million from buyers that included Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy and GBIC. The fund will allocate capital in direction of “high-potential tasks” within the Web3 financial system, in keeping with Roger Lim, NGC Ventures’ normal associate.
The Web3 fund has already invested in three startups, NGC disclosed on Wednesday.
Primarily based in Singapore, NGC Ventures was based in 2017 as a blockchain and fintech-focused venture firm. He was an early investor in Solana (SOL), Algorand (ALGO) and Oasis (ROSE), amongst others.
Web3 and metaverse tasks have attracted important curiosity from the VC group. Since mid-April, venture companies have pledged practically $3 billion to spend money on such tasks. Most notably, Silicon Valley VC Andreessen Horowitz launched a $600 million fund devoted to gaming startups inside the Web3 financial system.
Associated: VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate venture capital rounds
Google is on the lookout for Web3 expertise.
The Google Cloud division is on the lookout for a ‘Head of Product Advertising’ who shall be answerable for elevating consciousness about Google Cloud’s Web3 initiatives along with finally constructing buyer demand. https://t.co/fdKd31Asue
— Cointelegraph (@Cointelegraph) May 25, 2022
The Web3 financial system has been a key speaking level on the World Financial Discussion board’s Annual Assembly, which is underway in Davos, Switzerland this week. In an unique interview with Cointelegraph, Polkadot (DOT) founder Gavin Wooden mentioned the expansion of Web3 has been “encouraging as a result of it signifies that individuals are seeing this underlying know-how feed into totally different purposes” that transcend simply crypto.
2022 is shaping as much as be one other record-breaking yr for crypto VC. Within the first quarter alone, venture companies allotted $14.6 billion, or 48% of all of the capital invested in 2021, towards crypto and blockchain startups, in keeping with Cointelegraph Analysis.
