On May 25, NGC Ventures, a crypto-focused venture capital firm formed in 2017, announced the final closure of NGC Metaverse Ventures, its third blockchain fund, with committed capital of $100 million.
According to the statement, the new blockchain fund will help early-stage Web 3 startups and has secured backing from investors such as Babel Finance, Altonomy, Huobi Ventures, Nexo Ventures, and GBIC.
The fund will specifically target early-stage Web 3.0 ideas that range from the metaverse and its infrastructure through DeFi, GameFI, and NFTs.
Roger Lim, NGC founder, stated:
“Despite the worldwide market slump, we continue to see the emergence of high-potential projects that will influence the next era of Web 3 technology. Our mission is to discover such initiatives and to work closely with these brilliant teams to ensure that they have all of the required tools to bring their visions to life.”
NGC’s past funds have invested in over 70 businesses, the majority of which have focused on blockchain infrastructure and adoption technologies in sectors including DeFi, Gaming, and Decentralized Computing.
The latest fund has already made investments in metaverse player Everyrealm; VR Jam, a real-time platform for virtual concerts; and EthSign, an e-signing platform. NGC claims to provide access to tokenomics advice, influencer profiles, social platforms, launchpads, legal firms, market makers, exchanges, and ecosystems in addition to finance.
It will also connect entrepreneurs with its worldwide investor network, which is centred in Singapore, San Francisco, New York, London, and Shanghai.
According to data from Pitchbook, VC investments in crypto ventures reached $10 billion globally in the first three months of this year, the highest level ever and more than double the level recorded in the same period last year.
Dragonfly Capital, a crypto-focused investment firm, announced the full close of its third venture fund and a feeder vehicle earlier this month, with capital commitments totaling $650 million, above the $500 million target.
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