Crypto-focused venture capital fund NGC Ventures has raised $100 million for its latest blockchain fund. Investors in the web3-focused fund include Babel Finance, Huobi Ventures, and Nexo Ventures.
The Metaverse Ventures Fund will back early-stage projects in web3 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 have already made early investments in prominent blockchain projects such as Solana, Oasis, and Algorand.
Several funds focusing on the growth of gaming web3 infrastructure have emerged in recent months as it becomes an area of increasing interest in the crypto and blockchain industry. In March, Griffin Gaming Partners raised $750 million for a web3-focused fund. And crypto lender Nexo spun out a venture arm with $150 million for web3 projects and acquisitions in the same month.