True Global Ventures (TGV), a global venture capital firm, has announced the first closure of its US $146 million follow-on fund, which will invest in late-stage Web3 entrepreneurs despite the current market turmoil.
The new fund will focus on Web3 startups in the areas of artificial intelligence, financial services, entertainment and gaming, as well as infrastructure and data analytics. According to sources, the corporation plans to invest in six to eight startups over the next three years.
The TGV4 Plus Follow On Fund will invest the majority of its cash in firms that have received investment from its base fund, which has supported companies including Animoca Brands, Forge, Chromaway, Coinhouse, GCEX, and Chronicled, among others. The firm said it could also “opportunistically” invest in new late-stage Web3 deals.
The base fund invests between US $3 million and US $5 million per company on average, while the follow-on fund will invest up to US $25 million in Web3 companies.
“We believe this is the best time to invest during market corrections,” said the general partner Dušan Stojanović. “I would say that it is much easier to see more clearly who the winners are now.”
TGV raised funding for its follow-on fund in less than four months, and the firm now has 15 general partners who have contributed US $62 million. This is a commitment of more than 40% of the fund’s total size of more than US $4 million per general partner on average.
