Asian web3 accelerator LongHash Ventures announces $100 million fund

LongHash Ventures, a leading venture capital fund for Asian web3 startups, announced a new $100 million fund on Wednesday.

LongHash Ventures Fund II was funded by Hashkey Capital, NGC Ventures, Protocol Labs, Gnosis Safe and MEXC among others, according to a statement. LongHash hopes its second fund will hit $100 million, but CEO Emma Cui says TechCrunch that he has not yet raised the full amount.

LongHash Ventures Fund II will fund Web3 projects from pre-seed to Series A phase, with a focus on those building multi-chain infrastructure for decentralized finance, non-fungible tokens, blockchain-based games and the metaverse.

This is the second fund of LongHash Ventures. The first launched in 2021 at $15 million. The company also has an accelerator program dubbed LongHashX, which launched in 2018 and has partnered with notable web3 companies such as Protocol laboratories to provide mentorship and financial support to web3 startups.

“By managing both an accelerator and a seed fund that provides hands-on support, our unique value lies in leveraging LongHashX to start the Asian ecosystem for the protocols we have invested in, as well as identifying founders and projects with enormous potential. very early,” Cui said in a statement. “The second fund will allow us to support more founders and in subsequent cycles.”

LongHash Ventures has funded Polkadot, Coinshift, Balancer, and over 60 other Web3 projects in the past.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.