Singapore Firm Targets Web3 Startups With $100M Fund

In Brief

• The investment firm BitRock plans to put $100 million in SaaS companies, fintech and Web3 startups.
• Web3 startups are experiencing fresh interest from investors after 2022's bear market.
• Bitcoin is trading at a nine-month-high of $28,500

As Bitcoin moves towards nine-month highs, the Singapore investment firm BitRock Capital wants to raise $100 million to invest in Web3 startups.

According to Bloomberg, BitRock, backed by logistic real estate operator GLP, is close to raising $100 million. After raising the fund, the firm wants to invest in finance and blockchain startups in China and Southeast Asia.

The fund will target Software as a Service (SaaS) companies in China, fintech companies in Southeast Asia, and global Web3 startups.

Money Flowing Into Web3
Former Binance executive, Bill Qian, is also looking to invest $100 million in companies that can drive Web3 mass adoption. Qian serves as the chairman of Dubai-based Cypher Capital.

In February, BeInCrypto reported that the investment arm of the Deutsche Bank aims to invest in two German Web3 startups.

And Animoca Capital preparing to deploy $2 billion in metaverse projects this year. It is the investing arm of Animoca Brands, the parent company of blockchain game The Sandbox.

Evidently, venture capitalists and investment firms are still interested in crypto startups despite the crypto winter of 2022. Bitcoin, the largest cryptocurrency per market capitalization, is trading at a nine-month-high price of $28,500.

Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.