The fund raised by LongHash will go toward the development of DeFi, NFTs, and GameFi on several blockchains.
A $100 million venture fund for the decentralized web has been unveiled by LongHash Ventures, an Asian investment business, and web3 accelerator.
DeFi, NFTs, GameFi, and the metaverse will all be supported by the funds, which will go toward “multi-chain Web3 infrastructure projects.”
The fund will continue to seek money through the end of the year with the goal of raising $100 million, according to a press release released on Wednesday.
Over 60 projects, including Polkadot, Astar, Dodo, Coinshift, Acala, Zapper, Gnosis Safe, and Balancer, have already received support from LongHash.
Numerous web 3 VCs, entrepreneurs, and single-family offices have invested in the company. Among them are the Synthetix founders Kain and Jordan Warwick, Hashkey Capital, NGC Ventures, Protocol Labs, Gnosis Safe, MEXC, and others.
Superscrypt recently provided money to LongHashX, the company’s accelerator division, at an undisclosed valuation. Prior to this, the accelerator collaborated with networks like Polkadot, Filecoin, and Algorand.
The fund was established as a result of a “huge migration of talent” from web 2 to web 3, according to Emma Cui, founding partner and CEO of LongHash Ventures.
“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.
Only $15 million was allocated for the initial LongHash fund, which concentrated on pre-seed to seed rounds. “We want to expand to investing into other stages aside from that,” Cui said.
LongHash and Terraform Labs teamed up in April to make investments in web 3 protocols inside the Terra ecosystem. However, ever since both of its internal currencies fell to zero, the Terra network has all but imploded.
