NGC Ventures, a Singapore crypto-focused venture firm, has raised $100 million from investors as a new ecosystem Funding for projects dedicated to Web3 and the Metaverse. Investors included Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy and GBIC.
“The fund will allocate capital towards “high-potential projects” in the Web3 economy”cointelegraph
NGC’s fund confirmed the heightened investor demand for startups that are contributing to the development of a decentralized internet. The Web3 fund has already invested in three startups, NGC disclosed on Wednesday” – 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 (SOL), Algorand (ALGO), and Oasis (ROSE), among others. According to Cointelegraph Research, in the first quarter of 2022 alone, venture firms allocated $14.6 billion, or 48% of all the capital invested in 2021, toward crypto and blockchain startups.