Singapore firm targets Web3 startups with $100M fund

Singaporean investment firm Birok Capital is looking to raise $100 million to invest in Web3 startup as bitcoin moves towards a nine-month high.

According to Bloomberg, logistics real estate operator GLP-backed Birok is close to raising $100 million. After raising the funds, the firm is looking 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 is flowing in the 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 Deutsche Bank is aiming to invest in two German Web3 startups.

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

Apparently, 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 of $28,500.

Bitcoin (BTC) Price, Source: BeInCrypto.  Birok Capital, a Singaporean investment firm.
Source: BeInCrypto

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