LongHash Ventures, one of the top venture funds for Asian web3 startups, announced a new $100 million fund on Wednesday.
LongHash Ventures Fund II was funded by Hashkey Capital, NGC Ventures, Protocol Labs, Gnosis Safe and MEXC among others, according to a release. LongHash hopes its second fund will be $100 million in size, but CEO Emma Cui told TechCrunch that it has not yet raised the full amount.
LongHash Ventures Fund II will finance web3 projects from pre-seed to Series A stage, with a focus on those building out multi-chain infrastructure for decentralized finance, non-fungible tokens, blockchain-based gaming and the metaverse.
This is the second fund from LongHash Ventures. The first was launched in 2021 at $15 million. The firm also has an accelerator program dubbed LongHashX, which was launched in 2018 and partnered with notable firms in web3 such as Protocol Labs to provide mentorship and financial support to web3 startups.
“By running both an accelerator and an early-stage fund that provides hands-on support, our unique value lies in leveraging LongHashX to bootstrap the Asia ecosystem for the protocols that we invested in, as well as in identifying founders and projects with massive potential very early on,” Cui said in a statement. “The second fund will enable us to support more founders and through subsequent rounds.”
LongHash Ventures has financed Polkadot, Coinshift, Balancer and over 60 other web3 projects in the past.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.