LongHash Ventures – an Asian investment firm and accelerator that’s geared towards web 3 – has announced a $100 million venture fund for the decentralized web.
The money will be targeted at “multi-chain Web3 infrastructure projects” supporting DeFi, NFTs, GameFi, and the metaverse.Per a press release shared with CryptoPotato on Wednesday, the fund will continue to raise capital until the end of the year, aiming for $100 million. LongHash has already backed over 60 projects, including Polkadot, Astar, Dodo, Coinshift, Acala, Zapper, Gnosis Safe and Balancer. The company has raised capital from numerous web 3 VCs, founders, and single-family offices. These include Hashkey Capital, NGC Ventures, Protocol Labs, Gnosis Safe, MEXC, and Synthetix founders Kain and Jordan Warwick, among others. LongHashX – the firm’s accelerator arm – also received funding recently from Superscrypt at an undisclosed valuation. The accelerator has previously partnered with chains like Polkadot, Filecoin, and Algorand. Emma Cui, Founding Partner and CEO of LongHash Ventures, said the fund was launched due to a “massive influx of talent” from web 2 to web 3.
“Our unique value lies in leveraging LongHashX to bootstrap the Asia ecosystem for the protocols that we invested in, and using our crypto-native knowledge and resources to help the teams achieve their potential and succeed,” she continued.The first of LongHash’s funds was for just $15 million and focused on pre-seed to seed rounds. “We want to expand to investing into other stages aside from that,” Cui said. In April, LongHash partnered with Terraform labs to invest in web 3 protocols within the Terra ecosystem. However, the Terra network has all but collapsed ever since both of its internal currencies collapsed to zero.
The post LongHash Ventures Launches a $100 Million Web 3 Investment Fund appeared first on CryptoPotato.