True Global Ventures 4 Plus (TGV4 Plus) just announced that a $146 million investment round for several Web3 projects is over. This shows that investors are still interested in crypto, even though the market is currently in a bear market.
The most recent closing, called the TGV4 Plus Follow On Fund, was led by a group of 15 general partners who each put in more than $4 million, which is more than 40 percent of the fund’s total value of $62 million. Most of the money will be invested in Web3 companies that are already in TGV’s portfolio. The rest will go to Web3 companies that are at the end of their early stages.
TGV has invested in a number of Web3 ventures through a base fund for late-stage Series A, B, and C investments in three industries: entertainment and gaming, financial services, and artificial intelligence. The Sandbox, Animoca Brands, and Forge are some of the most well-known investments that TGV has made.
Duan Stojanovi, one of TGV’s 15 general partners, talked about investing in a weak market:
“Today, it’s much easier to tell who the winners are.” This has given our investors a lot of faith in us.”
Stojanovi also said that market corrections help choose the best players, and he encouraged other VCs to keep investing in crypto businesses:
“No matter what the market is like, there are always great teams with great products at the right time. During a crisis is the best time to invest, not during a bull market.”
Huobi Global has set up an investment arm with a $1 billion budget that will focus on DeFi and Web3.
Last week on Friday, the global cryptocurrency exchange Huobi Global announced Ivy Blocks, a new investment arm with more than $1 billion worth of crypto assets.
In addition to the money, Huobi offers other services, such as an asset management platform, a new blockchain incubator, and a separate research arm.
Lily Zhang, the CFO of Huobi Global, also said that Houbi’s asset management department would offer “liquidity investments” to help decentralized finance and Web3 projects get off the ground.
The post True Global Ventures invests $146 million to Web3’s “follow-on” fund appeared first on NFT News Pro.