Crypto-focused venture capital fund NGC Ventures has raised $100 million for its latest blockchain fund.
- Investors in the Web 3 fund include Babel Finance, Huobi Ventures and Nexo Ventures.
- The Metaverse Ventures Fund will support early-stage projects in Web 3 infrastructure, including decentralized finance (DeFi), non-fungible tokens (NFTs) and GameFi (play-to-earn blockchain-based games that incorporate DeFi and NFTs).
- Through its previous funds, NGC Ventures has made early investments in well-known blockchain projects such as Solana, Oasis, and Algorand.
- In recent months, several funds have emerged focused on growing Web 3 infrastructure as this area gains interest in the crypto and blockchain industries. In March, Griffin Gaming Partners raised $750 million for a Web 3-focused fund. And crypto lender Nexo launched a $150 million venture arm for Web 3 projects and acquisitions the same month.