Venture capital firm True Global Ventures 4 Plus (TGV4 Plus) has announced the closing of a $146 million funding round earmarked for a wide range of Web3 projects – fueling the continued interest of investors in crypto despite an ongoing bear market. Pierce the veil.
The latest closing, called the TGV4 Plus Follow On Fund, was led by a group of 15 general partners who committed an average of over $4 million (over 40%, or $62 million) to the fund. Most of the funding will be injected primarily into Web3 companies within TGV’s portfolio, while the remainder will be used to invest in late-stage Web3 opportunities.
TGV previously invested in a number of Web3 initiatives using a base fund dedicated to late-stage Series A, B and C across three business verticals: entertainment and gaming, financial services and artificial intelligence. Major TGV investments include The Sandbox, Animoca Brands and Forge, among others.
Dusan Stojanovic, one of TGV’s 15 general partners, shares his thoughts on investing during a bear market:
“It is much easier to see more clearly who the winners are now. This has instilled a high level of trust among our investors.”
Stojanovic also shared that market correction helps in selecting the strongest players as he advised fellow VCs to continue investing in crypto businesses:
“Regardless of market conditions, there are always good teams that have great products at the right time. Crisis is the best time to invest, not a bull market.”
related: Huobi Global launches $1B investment arm focused on DeFi and Web3
Last week, on Friday, major crypto exchange Huobi Global launched Ivy Block, a new investment arm with a capital of over $1 billion in crypto assets.
In addition to cash injection, Huobi offers other services including an asset management platform, a new blockchain incubator, and a dedicated research arm.
Furthermore, Lily Zhang, chief financial officer of Huobi Global, confirmed that Huobi’s asset management division will provide “liquidity investments” to help launch decentralized finance and Web3 projects.