LongHash Confirms A $100M Web3 Investment Fund

  • LongHash, a Singapore-based Web3 firm, has confirmed the debut of its second investment fund worth about $100 million, according to the firm’s CEO, Emma Cui.
  • The firm is still raising funds and plans to reach the $100 million mark for its Fund II by the end of 2022.

The Singapore-based Web3-focused venture fund and accelerator, LongHash Ventures, has recently announced the launch of its second fund for $100 million.

The VC firm’s CEO, Emma Cui, revealed that LongHash is still raising funds and plans to reach the $100 million mark for its Fund II by the end of 2022. Notably, this round will be much bigger in comparison to its first fund worth of $15 million, launched in February last year.

“The previous fund was focused on pre-seed to seed rounds, and we want to expand to investing into other stages aside from that,”

Cui stated.

The $100 million would primarily focus on investing in web3 infrastructure initiatives from pre-seed to series A that serve sectors including decentralized finance (DeFi), non-fungible tokens (NFTs), GameFi, and the metaverse.

According to the CEO, the 2018-launched firm aims to launch this fund amid the “massive influx of talent” from Web2.0 to Web3.0. The company sees “a lot of deal flows not just in Asia but in the Western Hemisphere, too.” Cui explained:

“[The company’s] 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.” 

LongHash has so far supported more than 60 cryptocurrency projects, including, to mention a few, Polkadot, Balancer, Astar, and Acala. Moreover, the company noted that over 50 web3 initiatives around the world have joined hands with LongHashX, its accelerator program, and raised more than $150 million in the last four years.

Despite the severe volatility in the crypto market amid the industry’s winter season, Cui focuses on evolution. The Optimistic CEO said that even though the market is going through a “bloodbath,” every market cycle brings more people to the crypto space.

“The bear market is a good time to look for gems and support them in the long run.”

VC firms entering Web3 investment

LongHash is not the only business focusing on the developing Web3 market. The early-stage venture firm fund split into two funds: a $300 million fund to support projects “with demonstrated traction from [its] portfolio and beyond” and a $150 million seed fund to invest in early-stage projects, as BitcoinWisdom reported a few days ago.

Additionally, early in June, Binance Labs, the VC division of Binance, unveiled a $500 million investment fund as part of its ongoing efforts to strengthen its Web3.0 partnerships.

Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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