LongHash Ventures – an Asian investment firm and accelerator towards web 3 – announced a $100 million venture fund for the decentralized web.
The funds will support building DeFi, NFT and GameFi on multiple blockchains.
The funds will be targeted at “multi-chain Web3 infrastructure projects” that support DeFi, NFTs, GameFi, and the Metaverse.
- According to a press release shared with CryptoPotato on Wednesday, the fund will continue to raise funds through the end of the year, aiming to reach $100 million.
- LongHash has supported over 60 projects, including Polkadot, Astar, Dodo, Coinshift, Acala, Zapper, Gnosis Safe, and Balancer.
- The company has raised funds from multiple 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 company’s accelerated arm – also recently received funding 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 founded by “a huge pool of talent” from web 2 to web 3.
- “Our unique value lies in leveraging LongHashX to kickstart the Asian ecosystem for the protocols we have invested in, while utilizing our crypto knowledge and resources. us to help teams reach their potential and succeed,” she continued.
- LongHash’s first fund was only $15 million and focused on pre-seed rounds. “We want to expand the investment to other phases,” Cui said.
- In April, LongHash partnered with Terraform labs to invest in 3 web protocols in the Terra ecosystem. However, the Terra network has collapsed since both of its internal coins crashed to zero.