Singapore-Based True Global Ventures Closes $146 Million Fund for Web3 Startups

Singapore-Based True Global Ventures Closes $146 Million Fund for Web3 Startups

The fund has already provided significant investments to a number of Web3 leading organizations, including Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, and Chronicled.

On June 16, VC firm True Global Ventures 4 Plus (TGV4 Plus) officially stated that it successfully closed a $146M Follow On Fund. One significant part of the funds will be used to invest in various Web3 startup initiatives within the firm’s portfolio, whereas the other part of the money will be injected into other late-stage Web3-related projects.

According to the official statement, TGV reported that the funding round was backed and led by 15 General Partners (GPs), who invested more than $4M on average into the fund, meaning that they put in around $62M of their own funds in total (over 40%).

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The TGV4 Plus base fund covers over 20 cities, including Hong Kong, Singapore, Dubai, Moscow, Paris, Madrid, New York, Vancouver, and others across Europe, Asia, and North America. In addition, it has already provided investments to a number of organizations guiding various blockchain initiatives. Some of them include The Sandbox, Coinhouse, Forge, GCEX, Chromaway, Chronicled, and Animoca Brands.

TGV General Partner Dušan Stojanović recently implied that the current crypto bear market is a perfect opportunity to identify and “see more clearly who the winners are now.” He added that this phenomenon has provided a significant boost in confidence for investors.

Likewise, he insisted on saying that during harsh market conditions, venture capitals should and must continue providing significant funds to crypto-related organizations:

"Regardless of the market situation, there are always good teams having great products at the proper time. Crisis is the best time to invest, not the bull market."

Another GP of TGV, Fredrik Adolfsson, stated that the initial fund provided a perfect kickstart to the firm. However, he also mentioned that it’s only the tip of the iceberg when it comes to exploring the possibilities of Web3.

TGV is widely known as a venture capitalist that isn’t afraid to provide significant investments to various Web3 projects, particularly those focused on entertainment and gaming, artificial intelligence, as well as financial services.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree