LongHash Ventures, a web3-focused funding agency and accelerator, has launched its second fund for $100 million, its CEO, Emma Cui, advised techaroundusa.
The VC agency continues to be elevating capital and planning to hit $100 million for its Fund II by the top of the yr, Cui stated. 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 “large inflow of expertise” from Net 2.0 to web3, Cui stated. “We do see lots of deal flows not simply in Asia however within the Western Hemisphere, too.”
“The earlier fund was targeted on pre-seed to seed rounds and we need to develop to investing into different levels except for that,” Cui stated.
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. Thus far, it has backed over 60 crypto tasks together with Polkadot, Astar, Acala and Balancer, to call a number of.
On the opposite aspect of the enterprise, LongHashX, its accelerator program, has partnered with over 50 web3 tasks globally which have raised greater than $150 million prior to now 4 years, the agency stated.
Although there was market volatility prior to now 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 one of the best time to take a position?
In the course of the subsequent three to 5 years, Cui stated. “Although the market has gone by means of 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.”