NGC Ventures is an early backer of Algorand and Solana and will use the new funds to invest in early-stage DeFi, NFT and Metaverse projects.
Singapore-based institutional investor NGC Ventures, which focuses on venture funding for projects in the blockchain space, has announced a new fund targeted at early-stage projects in the Web3 and Metaverse ecosystems.
The fund, the third in the company’s own crypto-focused programs, has secured $100 million in funding from various investors as it helps build and launch projects across the industry.
according to a announcement The investors who participated in the company on Wednesday include Huobi Ventures, Babel Finance, Nexo Ventures and GBIC.
According to the venture firm, the new funds will go to early-stage projects in decentralized finance (DeFi), blockchain gaming, non-fungible tokens (NFTs) and the metaverse.
Selected projects will also benefit from expert input on Tokenomics, with access to key industry influencers, launchpads, market makers and exchanges.
NGC is an early investor in several projects including Algorand and Solana. Most recently, it participated in an $8 million funding round for Africa-based DeFi startup Cassava Network.