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GBA Capital announces $10B Web3 fund

TL;DR

  • GBA Capital invests $10 billion in Web3 Fund for virtual reality, Metaverse, and NFT startups in the Greater Bay Area.
  • The firm plans global tours to promote meta-assets backed by strong financial partners, driving digital economy growth.
  • Zhongrong Global secures $14 million in angel funding, boosting Web3 and AI services attracting startups to the Greater Bay Area.

During the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference held on December 26, 2023, GBA Capital, a prominent Chinese venture capital (VC) firm, made a groundbreaking announcement. 

The firm pledged a staggering $10 billion to establish the GBA Capital Web3 Fund, aiming to fuel the development of startups specializing in virtual reality, the Metaverse, and nonfungible tokens (NFTs). This ambitious endeavor aspires to transform the Greater Bay Area into the world’s leading “meta-asset capital.”

Web3 fund to drive innovation

The GBA Capital Web3 Fund represents a significant investment commitment to foster innovation in the digital economy. This initiative aligns with the global shift towards Web3 technologies, encompassing the immersive experiences of virtual reality, the expansive potential of the Metaverse, and the burgeoning NFT market.

Haolong Li, Chairman of GBA Capital, unveiled the strategic vision behind this substantial investment. He declared that the fund’s primary focus would be to propel startups operating in virtual reality, Metaverse development, and NFT creation. 

In doing so, GBA Capital aspires to position the Guangdong-Hong Kong-Macao economic region as the premier hub for meta-assets worldwide.

Chairman Li also revealed GBA Capital’s plans to enhance the visibility of meta-assets on a global scale. In his statement, he disclosed,

“This year’s conference will hold meta-asset global tours in Japan, Singapore, Dubai, Silicon Valley, Europe, and other places.”

These global tours aim to showcase the region’s potential and foster international collaborations in the Web3 space.

Strong backing from financial institutions

GBA Capital is a venture capital firm established by China Europe International Financial Group in Hong Kong. The firm boasts strategic partnerships with esteemed financial institutions, including the Asia Pacific Investment Bank and China’s National Engineering Laboratory. This network of support positions GBA Capital as a significant player in the digital economy landscape.

GBA Capital highlighted the firm’s mission:

“We aim to integrate the industrial clusters, capital resources, and corporate resources and policy advantages to provide comprehensive support and services to enterprises.” 

This comprehensive approach underscores GBA Capital’s commitment to nurturing digital economy ventures.

GBA Capital’s subsidiary, Zhongrong Global, has also made strides in the Web3 domain. In a funding round held on May 29, Zhongrong Global secured angel funding with an impressive valuation of 100 million Chinese Yuan ($14 million). 

These funds will be strategically allocated to support the Web3 project’s incubation and industrial services, particularly within the artificial intelligence (AI) field.

The Greater Bay Area’s thriving Web3 ecosystem

The Greater Bay Area, comprising Guangdong, Hong Kong, and Macao, has emerged as a hotspot for Web3 startups and corporate relocations. Throughout the year, the region has witnessed a significant influx of businesses eager to tap into the burgeoning Web3 landscape. 

The availability of resources, support from government policies, and strategic partnerships have contributed to the thriving Web3 ecosystem in this dynamic economic region.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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