Hong Kong-based ProDigital Future Fund is planning to raise $100m in 2023 to invest in Web3 startups. The post Hong Kong Web3 Fund to Raise $100M, Will Back the City’s FinTech Ambitions appeared first on Tokenist.
Web3-focused ProDigital Fund Already Secured $30M in Financing
A new Hong Kong-based fund is looking to secure $100 million in financing in 2023 to invest in Web3 startups as the city progresses to restore its fintech hub status in the region. According to Bloomberg, the new ProDigital Future Fund will support early-stage Web3 companies focused on the regional market.
ProDigital Future has already raised at least $30 million in funding and plans to bag an additional $70 million by the end of the year. The fund is led by Ben Ng, a venture partner at Asian private equity firm SAIF Partners, and venture capitalist and entrepreneur Curt Shi. Shi said other investors who recently joined the first close for the Hong Kong-based fund include Sunwah Kingsway Capital Holdings Ltd. and Golin International Group Ltd.
The fund will mainly focus on early-stage and developing startups, particularly China-linked tech firms transitioning into Web3. ProDigital Future has invested in six digital asset ventures, including the Hong Kong-based metaverse firm GigaSpace and Australian digital sports club One Future Football.
So far, the fundraising process has been “relatively smooth,” Shi said, despite investors being skeptical about committing their funds to new crypto projects. He noted that numerous Hong Kong families interested in Web3 participated in the fundraising and certain China-based family offices investing in Australia and Singapore.
Hong Kong’s Aggressive Support for Crypto Firms Raises Concerns
“I understand the concerns, but nothing is perfect given the complexity of the crypto economy and current geopolitical situation. Our strategy is to continue to see how things go.”
– Curt Shi told Bloomberg.
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