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.
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