Crypto-focused enterprise agency NGC Ventures has launched a brand new ecosystem fund devoted to Web3 initiatives, underscoring heightened investor demand for startups which might be contributing to the event of a decentralized web.

NGC Metaverse Ventures, the corporate’s third blockchain fund, raised $100 million from traders that included Babel Finance, Huobi Ventures, Nexo Ventures, Altonomy and GBIC. The fund will allocate capital in direction of “high-potential initiatives” within the Web3 financial system, in keeping with Roger Lim, NGC Ventures’ basic accomplice.

The Web3 fund has already invested in three startups, NGC disclosed on Wednesday.

Based mostly in Singapore, NGC Ventures was based in 2017 as a blockchain and fintech-focused enterprise agency. It was an early investor in Solana (SOL), Algorand (ALGO) and Oasis (ROSE), amongst others.

Web3 and metaverse initiatives have attracted vital curiosity from the VC neighborhood. Since mid-April, enterprise companies have pledged almost $3 billion to put money into such initiatives. Most notably, Silicon Valley VC Andreessen Horowitz launched a $600 million fund devoted to gaming startups throughout the Web3 financial system.

VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate enterprise capital rounds

Google is in search of Web3 expertise.

The Google Cloud division is in search of a ‘Head of Product Advertising’ who will likely be chargeable for elevating consciousness about Google Cloud’s Web3 initiatives along with finally constructing buyer demand. https://t.co/fdKd31Asue

— Cointelegraph (@Cointelegraph) May 25, 2022

The Web3 financial system has been a key speaking level on the World Financial Discussion board’s Annual Assembly, which is underway in Davos, Switzerland this week. In an unique interview with Cointelegraph, Polkadot (DOT) founder Gavin Wooden stated the expansion of Web3 has been “encouraging as a result of it implies that individuals are seeing this underlying know-how feed into totally different purposes” that transcend simply crypto.

2022 is shaping as much as be one other record-breaking 12 months for crypto VC. Within the first quarter alone, enterprise companies allotted $14.6 billion, or 48% of all of the capital invested in 2021, towards crypto and blockchain startups, in keeping with Cointelegraph Analysis.