NGC Ventures is an early backer of Algorand and Solana and can use the brand new fund to spend money on early-stage DeFi, NFTs and Metaverse initiatives.
Singapore-based institutional investor NGC Ventures, which focuses on enterprise funding for initiatives within the blockchain area, has introduced a brand new fund focused at early-stage initiatives within the Web3 and metaverse ecosystems.
The fund, the corporate’s third in its crypto-focused applications, has secured $100 million in funding from varied traders because it appears to be like to assist initiatives construct and launch throughout the trade.
In response to an announcement the corporate made on Wednesday, taking part traders included Huobi Ventures, Babel Finance, Nexo Ventures, and GBIC.
Per the enterprise agency, the brand new funds will go into early-stage initiatives in decentralized finance (DeFi), blockchain gaming, non-fungible tokens (NFTs), and the metaverse.
Chosen initiatives will even profit from skilled enter on tokenomics, with entry to main trade influencers, launchpads, market makers, and exchanges additionally obtainable.
NGC is an early investor in a number of initiatives, together with Algorand and Solana. Just lately, it participated within the $8 million funding spherical for Africa-based DeFi startup Cassava Community.