$60M Fund Launched by Southeast Asia VC To Help Global web3 Startups
- SeaX Ventures (Southeast Asia Exponential Ventures) closed its second fund today.
- The fund’s target was over oversubscribed, and thus the total was raised by $10 million.
- Southeast Asia is attracting a lot of investors from all around the world.
The growth of crypto is attracting not just traditional retail investors but also venture capitalists, and their investments target the behind-the-scenes of crypto.
Supporting emerging companies is allowing them to gain a stake in crypto firsthand. Thus, we’ve seen the announcement of multiple funds in the recent few months.
SeaX Launched web3 Fund
In a press release today, SeaX Ventures (Southeast Asia Exponential Ventures) announced the closing of its second fund.
The fund, which was initially targeted to acquire only $50 million worth of donations, ended up being oversubscribed, which is why the total target was raised to $60 million.
This $60 million will be directed towards funding the growth of startups throughout Southeast Asia.
This region of the world includes the countries of Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
But the fund is aimed at supporting only those companies which can bring about a transformation in the sectors of blockchain & web3, foodtech, biotech & life science, artificial intelligence, robotics, and IoT & hardware.
Commenting on why the VC chose Southeast Asia, particularly for this fund, the Founder and Managing Partner of SeaX Ventures, Dr. Supachai “Kid” Parchariyanon, said,
“Southeast Asia is a region of 650 million people with a combined GDP of $3 trillion. We can help innovative startups from across the world grow exponentially in this large and dynamic area through our relationship with over 400 corporates.”
With funding ranging from $500k to $5 million in the pre-seed, seed, and Series A funding rounds, the $60 million will indeed allow deserving startups to be visible throughout the world.
VCs Drive Crypto Growth
While the state of crypto varies in these countries, web3 extends beyond just crypto and Metaverse, which is what this fund aims to tap. However, there are still others who intend on developing the condition of crypto in these countries.
FXEmpire recently reported on one such fund from the Digital Asset Platform, AEX, which allocated $100 million for supporting the country’s crypto and blockchain ecosystem.
Furthermore, Bain Capital, a major private equity investor, also launched a $560 million funding for investing in crypto projects. The company had already invested in multiple projects, including BlockFi Inc., DeFi lender Compound, and Digital Currency Group.
Thus web3 and crypto will, slowly but surely, spread to countries worldwide.