Singapore VC firm announces $100M fund for Web3 projects

NGC Ventures is an early backer of Algorand and Solana and will use the new fund to invest in early-stage DeFi, NFTs and Metaverse projects.

Singapore-based institutional investor NGC Ventures, which focuses on venture funding for projects in the blockchain space, has announced a new fund targeted at early-stage projects in the Web3 and metaverse ecosystems.

The fund, the company’s third in its crypto-focused programs, has secured $100 million in funding from various investors as it looks to help projects build and launch across the industry.

According to an announcement the company made on Wednesday, participating investors included Huobi Ventures, Babel Finance, Nexo Ventures, and GBIC.

Per the venture firm, the new funds will go into early-stage projects in decentralized finance (DeFi), blockchain gaming, non-fungible tokens (NFTs), and the metaverse.

Selected projects will also benefit from expert input on tokenomics, with access to major industry influencers, launchpads, market makers, and exchanges also available.

NGC is an early investor in several projects, including Algorand and Solana. Recently, it participated in the $8 million funding round for Africa-based DeFi startup Cassava Network.