Hong Kong aims to create the best conditions for Web3 companies looking to bring their businesses to the city.
With Hong Kong re-embracing the cryptocurrency market, local investors have established ProDigital Future, a fund aiming to finance early-stage Web3 companies.
Based on the Bloomberg report shared on March 30th, the fund is led by venture partner at SAIF Partners Ben Ng and tech investor Curt Shi.
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As per Bloomberg, ProDigital Future has successfully wrapped up its six-month fundraising campaign, accumulating approximately $30 million. The fund's ambition is to reach the $100 million mark by the end of 2023.
The first funding round was led by Sunwah Kingsway Capital Holdings Ltd. and Golin International Group Ltd.
Discussing the fundraising process, Shi stated that it has been "relatively smooth," even though investors have shown caution when considering crypto projects. On top of that, fund co-founder Curt Shi noted:
I understand the concerns, but nothing is perfect given the complexity of the crypto economy and current geopolitical situation. Our strategy is to continue to see how things go.
Upon the newest funding, ProDigital Future has already invested in six projects, including "Hong Kong-based Metaverse company GigaSpace" and digital sports club One Future Footbal.
Regarding the project, Curt Shi stated:
I believe that Hong Kong will continue to have a certain degree of openness and flexibility. While our portfolio and fund will embrace Hong Kong and its policies, we will continue to have a presence in Australia, Singapore, as well as in Europe and the US.
After Hong Kong announced plans to open up its crypto market, several crypto-related firms, such as Interactive Brokers, Huobi, Gate.io and Independent Reserve, revealed that it is looking to step their foot into the city.