Venture firm NGC_Ventures' ecosystem fund will allocate capital to “high-potential projects” in the Web3 economy and has already invested in three startups.
Crypto-focused venture firm NGC Ventures has launched a new ecosystem fund dedicated to Web3 projects, underscoring heightened investor demand for startups that are contributing to the development of a decentralized internet.
NGC Metaverse Ventures, the company’s third blockchain fund, raised $100 million from investors that included Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy and GBIC. The fund will allocate capital towards “high-potential projects” in the Web3 economy, according to Roger Lim, NGC Ventures’ general partner.Based in Singapore, NGC Ventures was founded in 2017 as a blockchain and fintech-focused venture firm. It was an early investor in Solana , Algorand and Oasis , among others.
Web3 and metaverse projects have attracted significant interest from the VC community. Since mid-April, venture firms have pledged nearly $3 billion to invest in such projects. Most notably,VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate venture capital roundsThe Google Cloud division is looking for a ‘Head of Product Marketing’ who will be responsible for raising awareness about Google Cloud’s Web3 initiatives in addition to eventually building customer demand.
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