NGC Ventures, an early Solana investor, raises $100M for a Web 3-Focused Fund

NGC Ventures, a crypto-focused capital fund, has raised $100 Million for its latest blockchain fund.

Babel Finance, Huobi Ventures, and Nexo Ventures are some of the investors in the Web-focused fund.

The Metaverse Ventures Fund will back early-stage projects in Web 3 infrastructure including decentralized finance (DeFi), non-fungible tokens (NFTs) and GameFi (play-to-earn blockchain-based games that incorporate DeFi and NFTs).

Through its previous funds, NGC Ventures made early investments in prominent blockchain projects, such as Solana, Oasis and Algorand.

Numerous funds have appeared in recent months to focus on Web 3 Infrastructure growth, as this is an area of growing interest in the cryptocurrency and blockchain industry.

In March, Griffin Gaming Partners raised $750 million for a Web 3-focused fund. And crypto lender Nexo spun out a venture arm with $150 million for Web 3 projects and acquisitions in the same month.