LongHash Ventures Doubles Down on Web3 Infrastructure With $100M Second Fund

Web3 accelerator venture capital firm LongHash Ventures has announced a $100 million fundraising for its second fund.
Image source: LongHash Ventures

Quick take:

  • LongHash Ventures has launched a new $100 million for its second fund.
  • The venture capital firm said it will invest the funds in the Web3 infrastructure.
  • The web3 accelerator company raised $15 million for its first fund in February.

LongHash Ventures has launched its second Web3 fund. The venture capital firm said Wednesday it is raising $100 million to invest in Web3 infrastructure. The company raised $15 million for its first fund backed by leading VCs including Hashkey Capital, NGC Ventures, Protocol Labs, Gnosis Safe, and MEXC, among others.

Web3 is generally described as the next generation of the web, which leverages emerging technologies like blockchain, artificial intelligence, decentralised apps and AR/VR to democratise the internet.

Web3 infrastructure companies provide the underlying protocols for developers to build Web3 applications like decentralised finance platforms, blockchain games, and non-fungible token (NFT) platforms, among others.

LongHash will invest its $100 million fund in pre-seed to Series A rounds of Web3 infrastructure startups focused on DeFi, NFTs, GameFi, and the metaverse. So far, the company has invested in over 60 crypto projects, including Polkadot, Astar, Acala and Balancer, among others.

LongHash is also backed by some of the leading Web3 investors, who bring a lot of expertise and experience to its accelerator program, LongHashX. The firm will be targeting projects, including those already backed by its accelerator arm.

“By running both an accelerator and an early stage fund that provides hands-on support, our unique value lies in leveraging LongHashX to bootstrap the Asia ecosystem for the protocols that we invested in,  as well as in identifying founders and projects with massive potential very early on and using our crypto-native knowledge and resources to help the teams achieve their potential and succeed. The second fund will enable us to support more founders and through subsequent rounds,” said Emma Cui, Founding Partner and CEO of LongHash Ventures.

The Singapore-based investment company has a team of experts spread across Asia, including China, Malaysia, and India, giving startups a unique opportunity to scale their projects faster within the region.

Cui expressed optimism in the market despite the crypto winter saying that the bear market is an opportunity to identify gems and support them long-term.

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