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

Sebastian Parker
Sebastian Parker
Last Updated on June 16, 2022

Venture capital firm True Global Ventures 4 Plus has closed a $146 Million funding round. This announcement highlights investors’ continuing interest in crypto, despite the ongoing bear market.

The TGV4 Plus Follow-On Fund was the latest closure. It was managed by 15 general partners, who contributed an average of $4 million (or $62 million) to the fund. The fund will mainly be invested in Web3 companies that are part of TGV’s portfolio. The rest will go to investing in Web3 opportunities at the late stages.

TGV invested previously in many Web3 initiatives, using a base fund that was dedicated to Series A, C and later-stage Series B and C. The fund covered three business verticals: entertainment, gaming, financial services and artificial intelligence. Among others, The Sandbox and Animoca Brands are notable TGV investments.

One of TGV’s fifteen general partners, Dusan Stojanovic shared his views on investing in the bear market.

It is easier to see clearly who the winners are now. This has helped to build confidence among our investors.

Stojanovic shared the belief that market correction is a good way to pick the strongest players, and he encouraged fellow VCs not to stop investing in crypto-related businesses.

“Regardless of market conditions, there are always great teams with great products at the right time. Not the bull market, crisis is the best time for investors.

Related: Huobi Global launches $1B investment unit focused on DeFi & Web3

On Friday, Huobi Global, the major cryptocurrency exchange, launched Ivy Blocks. This new investment arm has a capital of more than $1 billion and crypto assets.

Huobi provides additional services beyond the cash injection. They offer an asset management platform and a new Blockchain incubator.

Lily Zhang, Huobi Global’s chief financial officer, also confirmed that Houbi’s asset management department would provide liquidity investments to support decentralized finance and Web3 projects.