True Global Ventures doubles down on Web3 with $146M follow-on fund

Venture capital firm True Global Ventures 4 Plus (TGV4 Plus) announced the closing of a $146 million funding round for a wide range of Web3 projects, highlighting continued investor interest in crypto despite an ongoing bear market.

The latest closing, dubbed the TGV4 Plus Follow On Fund, was led by a group of 15 general partners who committed more than $4 million on average (over 40%, or $62 million) to the fund. The majority of the funding will primarily be injected into Web3 businesses in TGV’s portfolio, while the remainder will be used to invest in late-stage Web3 opportunities.

TGV has previously invested in numerous Web3 initiatives using a core fund dedicated to late-stage Series A, B, and C across three verticals: entertainment and gaming, financial services, and artificial intelligence. TGV’s major investments include The Sandbox, Animoca Brands and Forge, among others.

Dušan Stojanović, one of TGV’s 15 general partners, shared his thoughts on investing in a bear market:

“It’s much easier to see more clearly who the winners are now. This has created a high level of confidence among our investors.

Stojanović also shared that the market correction helps pick the strongest players, as he advised fellow VCs to keep investing in crypto businesses:

“No matter what the market situation, there are always good teams that have great products at the right time. The crisis is the best time to invest, not the bull market.”

Related: Huobi Global launches $1 billion investment arm focused on DeFi and Web3

Last week on Friday, leading crypto exchange Huobi Global launched Ivy Blocks, a new investment arm with over $1 billion in crypto assets.

In addition to liquidity injection, Huobi offers other services, including an asset management platform, a new blockchain incubator, and a dedicated research arm.

Additionally, Lily Zhang, CFO of Huobi Global, confirmed that Houbi’s asset management department will provide “cash investments” to help decentralized finance and Web3 projects take off.

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