LongHash Ventures, a web3-focused funding agency and accelerator, has launched its second fund for $100 million, its CEO, Emma Cui, advised TechCrunch.
The VC agency continues to be elevating capital and planning to hit $100 million for its Fund II by the tip of the 12 months, Cui mentioned. This fund will likely be a lot bigger than its first fund of $15 million, which launched in February 2021.
The Singapore-based agency determined to launch this fund as a result of there’s been a “huge inflow of expertise” from Internet 2.0 to web3, Cui mentioned. “We do see numerous deal flows not simply in Asia however within the Western Hemisphere, too.”
“The earlier fund was centered on pre-seed to seed rounds and we need to broaden to investing into different levels except for that,” Cui mentioned.
The $100 million will likely be invested in pre-seed to Sequence A web3 infrastructure tasks that assist sectors like decentralized finance (DeFi), NFTs, GameFi and the metaverse. So far, it has backed over 60 crypto tasks together with Polkadot, Astar, Acala and Balancer, to call just a few.
On the opposite facet of the enterprise, LongHashX, its accelerator program, has partnered with over 50 web3 tasks globally which have raised greater than $150 million previously 4 years, the agency mentioned.
Although there was market volatility previously few months, Cui believes the house is evolving. “We’re a VC fund with a five- to seven-year horizon. Our subsequent fund will in all probability have a good longer horizon. We’re not holding a liquid portfolio so we’re not so delicate to short-term drawdown.”
And the perfect time to speculate?
In the course of the subsequent three to 5 years, Cui mentioned. “Although the market has gone via a massacre, each cycle brings extra adoption. … The bear market is an effective time to search for gems and assist them in the long term.”