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Singapore-based VC firm acquires $100 million Web3 and Metaverse fund

VC
TL;DR Breakdown
  • Singapore’s venture capital (VC) has created a $100M Metaverse and Web3 fund.
  • Venture capitalists are showing interest in Web3 development.

Crypto-focused venture capital (VC) fund NGC Ventures has raised $100 million from a wide range of investors to the tune of $100 million. GBIC, Babel Finance, Huobi Ventures, and Nexo Ventures were among the investors. Altonomy was also a participant.

The crypto-focused venture capital firm NGC Ventures has announced the launch of a new ecosystem fund. The fund will only target Web3 projects. This action shows the rising interest on the part of investors interested in decentralized internet.

According to Roger Lim, who acts as the managing partner of NGC Ventures, the fund would disburse the monies. However, it would focus on “high-potential enterprises” in the Web3 economy.

Roger Lim is responsible for overseeing the operations of the fund. NGC released the information on Wednesday, stating that the Web3 fund has already made investments. So far, three distinct companies have benefited.

Venture capitalists community shows interest in Web3

The VC community has shown a significant level of interest in Web3 and the metaverse projects. Since April, venture capital companies have made pledges to spend over $3 billion on such ventures. These investments might begin in the coming months.

Established in 2017, NGC Ventures is a venture company with a primary focus on blockchain technology and finance. The city-state of Singapore serves as the venture’s primary office location. It was one of the first firms, along with several other companies, to invest in The Startup Fund.

Andreessen Horowitz, a venture capital firm in Silicon Valley, has established a fund with a target allocation of $600 million. The fund was explicitly targeting gaming companies working within the Web3 economy. The initiative intends to support online gaming businesses.

At the Annual Meeting of the World Economic Forum, which is taking place this week in Davos, Switzerland, the Web3 economy has emerged as a prominent topic of debate.

In an exclusive interview, Polkadot (DOT) founder Gavin Wood noted that the expansion of Web3 has been perfect. He stated that the development is encouraging because users see this core technology feed into many apps. Wood made this statement when discussing the evolution of Web3.

VC is slowing down in Europe

It would appear that 2022 will be another year that sets new milestones for the amount of venture capital invested in crypto. It is worth noting that venture capital firms spent $14.6 billion on crypto and blockchain startups in 2021.

The number of New Venture Capital investors in Europe has gone down recently. According to research, only 61 new European Venture Capital firms came to light last year. Ten of these new venture capital firms were in the United Kingdom.

According to the 2022 European Capital Report, the UK remains Europe’s top country in establishing VC. Sixty-seven percent of the 191 VC investors with UK offices focus on early-stage investments, at least among other stages.

This trend appears to be unstoppable: in 2021, nine out of ten new investors will focus solely on early-stage firms. European scale-ups in later stages rely heavily on funds from the United Kingdom. The larger the fundraising round, though, the more likely a US investor will take the lead. More growth capital is needed across Europe. Besides, London is still the center of European venture capital. There are 316 offices of investors from all around the world in London alone.

British investors own 88 of Europe’s 130 unicorns, making their portfolio the most successful compared to Europe. The unicorns have at least one British venture capitalist on board. This proportion can approach 60% for firms that investors are capable of hitting this billion-dollar valuation. Last year, British investors focused on early-stage investments in health tech and life science.

Despite Brexit, the UK continues to dominate the table of European countries with the most VC offices (351). Both local investors and VCs with headquarters elsewhere, followed by Germany (199), France (128), and the Netherlands (4th) (70).

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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