Web 3.0 accelerator LongHash Ventures closes $100m Fund II
The Singapore-based venture capital firm has launched its second fund to support Web 3.0 projects
One of Asia’s most prominent Web 3.0 venture capital firms has announced a new $100m Fund II to back emerging blockchain start-ups from pre-seed and Series A stages.
LongHash Ventures, which is headquartered in Singapore, has closed its second fund with backing from Hashkey Capital, NGC Ventures, Protocol Labs, and Gnosis Safe among others.
The fund aims to back early stage Web 3.0 and blockchain projects with a focus on decentralised finance (DeFi), the metaverse, non-fungible tokens (NFTs) and blockchain-based gaming start-ups.
Second fund in two years
This will be the second fund that LongHash Ventures has launched in the last two years. In 2021, it closed its initial fund of $15m to back emerging Web 3.0 start-ups at the forefront of innovation.
To date, the venture firm has backed more than 60 start-ups, with its portfolio companies including Polkadot, Coinshift and Balancer.
LongHash Ventures CEO Emma Cui told TechCrunch that the firm’s fund has a five to seven-year plan. She added: “The previous fund was focused on pre-seed to seed rounds and we want to expand to investing into other stages aside from that.
“Our next fund will probably have an even longer horizon. We’re not holding a liquid portfolio so we’re not so sensitive to short-term drawdown.”