White Star Capital raises $120 million for the Web3 investment fund, which is sponsored by Ubisoft

With the new funds sponsored by Ubisoft, the Web3 tech investment business will contribute up to $7 million to up to 25 startups spanning Europe, Asia, and North America.

White Star Capital, a technology venture capital firm, has raised $120 million for its second Digital Asset Fund (DAF II), which will invest in crypto networks and early-stage blockchain and Web3 enterprises.

The fund is principally supported by Ubisoft, the video game publisher, and will focus on decentralized finance (DeFi) and gaming. It will put up to $7 million into each of the 20-25 firms it will invest in across North America, Europe, and Asia.

Because of the company’s growing focus on DeFi, Web3, and blockchain-based technologies, it appears that it will begin to promote enterprises who use or build metaverse solutions. This would place it in the sector where Animoca Brands has carved out a nice little niche for itself.

Stacks-based DeFi protocol ALEX and decentralized exchange (DEX) ParaSwap are among White Star’s past investments since its first DAF in 2020.

On Sunday, it also lent its support to the Bitcoin Odyssey, an initiative in which investment firms would spend $165 million in solutions aimed at increasing Bitcoin (BTC) acceptance.

Early this week, Metaverse and NFT gaming investments are on the increase as traders seek diversification from the crypto markets’ unfavorable price behavior. Bitcoin is currently selling at just under $40,000, down 5.62 percent in the last 24 hours.

Related: Check out the latest crypto news

Epic Games, the creator of Fortnite, revealed on Monday that it had raised $2 billion from Sony Group Corporation and KIRKBI, the holding company of the LEGO Group. Epic’s new commitment to producing virtual games for the Metaverse piqued the interest of investors.

Animoca Brands recently announced the $15.3 million acquisition of racing game producer Eden Games in order to expand its REVV Motorsport NFT gaming ecosystem and create new metaverse games.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x