LongHash Ventures launches second fund for $100M to support web3 infrastructure

Aug 10, 2022

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LongHash Ventures launches second fund for $100M to support web3 infrastructure

Originally posted here.
By: Jacquelyn Melinek @

Overview

LongHash Ventures, a web3-focused investment firm and accelerator, has launched its second fund for $100 million, its CEO, Emma Cui, told TechCrunch.

The Post

LongHash Ventures, a web3-focused investment firm and accelerator, has launched its second fund for $100 million, its CEO, Emma Cui, told TechCrunch.

The VC firm is still raising capital and planning to hit $100 million for its Fund II by the end of the year, Cui said. This fund will be much larger than its first fund of $15 million, which launched in February 2021.

The Singapore-based firm decided to launch this fund because there’s been a “massive influx of talent” from Web 2.0 to web3, Cui said. “We do see a lot of deal flows not just in Asia but in the Western Hemisphere, too.”

“The previous fund was focused on pre-seed to seed rounds and we want to expand to investing into other stages aside from that,” Cui said.

The $100 million will be invested in pre-seed to Series A web3 infrastructure projects that support sectors like decentralized finance (DeFi), NFTs , GameFi and the metaverse. To date, it has backed over 60 crypto projects including Polkadot, Astar, Acala and Balancer, to name a few.

On the other side of the business, LongHashX, its accelerator program, has partnered with over 50 web3 projects globally that have raised more than $150 million in the past four years, the firm said.

Even though there has been market volatility in the past few months, Cui believes the space is evolving. “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.”

And the best time to invest?

During the next three to five years, Cui said. “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.”

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