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Singapore enterprise agency launches $100M Web3 and metaverse fund

Crypto-focused enterprise agency NGC Ventures has launched a brand new ecosystem fund devoted to Web3 initiatives, 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 traders that included Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy and GBIC. The fund will allocate capital in direction of “high-potential initiatives” within the Web3 financial system, in response to Roger Lim, NGC Ventures’ normal associate.

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

Based mostly in Singapore, NGC Ventures was based in 2017 as a blockchain and fintech-focused enterprise agency. It was an early investor in Solana (SOL), Algorand (ALGO) and Oasis (ROSE), amongst others.

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

Associated: VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate enterprise capital rounds

Google is searching for Web3 expertise.

The Google Cloud division is searching 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) Could 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 expertise 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, enterprise corporations allotted $14.6 billion, or 48% of all of the capital invested in 2021, towards crypto and blockchain startups, in response to Cointelegraph Analysis.

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