White Star Capital raises $120 million for Ubisoft-backed Web3 investment fund

Tech venture capital firm White Star Capital has secured $120 million in funding for its second Digital Asset Fund (DAF II) to invest in crypto networks as well as early-stage blockchain and Web3 ventures.

Primarily backed by game publishing giant Ubisoft, the fund will have a particular focus on decentralized finance (DeFi) and gaming. It will invest up to $7 million each in 20-25 companies in North America, Europe and Asia.

The company’s growing focus on DeFi, Web3, and blockchain-based technologies suggests it will also start supporting companies using or developing Metaverse solutions. That would bring it into territory where Animoca Brands has carved out a corner for itself.

White Star previously raised funds for its first DAF in 2020 from Stacks-based DeFi protocol ALEX and decentralized exchange (DEX) Paraswap, among others.

It also helped back Bitcoin Odyssey on March 10, a project launched by the investment firm to invest $165 million in efforts to drive bitcoin adoption.

Metaverse and NFT game investments were on the rise earlier this week as traders looked to distract themselves from the negative price action in the cryptocurrency market. Bitcoin is down 5.62% over the past 24 hours and is trading just below $40,000.

On April 11, Epic Games, the developer of Fortnite, announced that it had raised $2 billion from Sony and KIRKBI, the holding company of the Lego Group. Epic's recent commitment to developing a Metaverse virtual game has sparked interest from investors.

Recently, Animoca recently announced the acquisition of racing game publisher Eden Games for $15.3 million to support its REVV Motorsport NFT game ecosystem and develop more multiverse games.

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