Singapore’s NGC Ventures raises $100m for third blockchain fund

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

NGC Ventures, a crypto-focused venture capital firm founded in 2017, announced the final close of its third blockchain fund, NGC Metaverse Ventures, with committed capital of $100 million.

The new blockchain fund, which received support from investors such as Babel Finance, Altonomy, Huobi Ventures, Nexo Ventures, and GBIC, will back early-stage Web 3 projects, according to the announcement.

Specifically, the fund will focus on early-stage Web 3.0 projects extending from the metaverse and its infrastructure to DeFi, GameFI, and NFTs.

“Despite the systematic market slowdown globally, we continue to see the emergence of high-potential projects that are set to shape the next era of Web 3,” said NGC Ventures’s general partner and founder Roger Lim.

NGC’s previous funds have invested in over 70 projects, mostly in blockchain infrastructure and adoption technologies in areas such as DeFi, Gaming, and Decentralized Computing.

The latest fund has already invested in metaverse player Everyrealm, virtual concerts real-time platform VR Jam, and e-signing platform EthSign.

Aside from the funding, NGC said it also provides access to tokenomics advisory, influencer profiles, social platforms, launchpads, legal firms, market makers, exchanges, and ecosystems.

It will also connect founders to its global investor network, built around its presence in Singapore, San Francisco, New York, London and Shanghai.

“Our role is to identify such projects and work extensively with these talented teams to ensure they have all the necessary capabilities to turn their ideas into reality,” Lim said.

The final close of NGC’s latest fund comes as VC investments in crypto projects totalled $10 billion globally in the first three months of this year, the largest ever, and more than double the level seen in the same period last year, data from Pitchbook showed.

Early this month, Dragonfly Capital, a crypto-focused investment firm, has made a final close of its third venture fund and a feeder vehicle with capital commitments of $650 million, exceeding the original target of $500 million.

In January, Singapore-based venture capital firm Openspace Ventures set up a new crypto fund called Ocular, with the aim of raising about $20-30 million. VC firm Global From Day 1 also announced the launch of GD1 Crypto Fund 1, the first web3 and crypto-focused venture vehicle from New Zealand.

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