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LongHash plans to invest in startups focused on Decentralised Finance (DeFi), NFTs, GameFi, and the Metaverse across multiple blockchains.
Singapore-based Web3 investment fund and accelerator LongHash Ventures has announced the launch of its second Web3 fund. The VC firm revealed on Wednesday that it is raising $100 million for investment in Web 3 infrastructure. This comes after last year’s $15 million raise for its first Web3 fund with support from Hashkey Capital, NGC Ventures, Protocol Labs, Gnosis Safe, MEXC and other venture capitals.
This $100 million fund will go towards Web3 infrastructure startups in their pre-seed and Series A phases. LongHash plans to invest in startups focused on Decentralised Finance (DeFi), NFTs, GameFi, and the Metaverse across multiple blockchains.
The firm’s accelerator program LongHashX, launched in 2018, has partnered with Polkadot, Filecoin, and Algorand. The firm has invested in more than 50 projects over seven cohorts including Zapper, Balancer, Acala, Astar, and Mintable. According to the firm, the projects have raised over $150 million in the past four years.
“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.
In early April, it was announced that Longhash had partnered with Terraform Labs for the “LongHashX Accelerator Terra Cohort” set to begin in June. The firm was to invest up to $500,000 in 10 projects building on the Terra blockchain. This was before the infamous collapse of Terra in May. Despite the market volatility that has plagued the industry following the Luna-Terra-Celsius saga, Cui remains confident.
“We’re a VC fund with a five- to seven-year horizon. 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,” she said, adding that the best time to invest is in the next three to five years because “even though the market has gone through a bloodbath, every cycle brings more adoption. … The bear market is a good time to look for gems and support them in the long run.”