Singapore-based Whampoa Group, known for its investments in global tech companies, is preparing to launch a $100 million venture fund by year-end, according to insider sources.
The fund is expected to focus on Series A financing within the Web3 and digital assets realm.
Originally slated for a fourth-quarter 2022 launch, the fund is now gearing up for its debut.
Yet this isn’t this first time Whampoa Group has expressed interest in the Web3 arena.
Earlier this year, they announced Bahrain as the future headquarters for their digital bank, scheduled to launch by the end of 2023.
The digital bank aims to provide secure, integrated financial solutions to serve global institutions, innovators, and sophisticated investors.
Services will encompass digital banking, as well as trading, custody, and asset management of digital assets, with a focus on promoting the adoption of digital assets worldwide.
Founded by Amy Lee, daughter of Lee Kim Yew (brother of Singapore’s founding Prime Minister Lee Kuan Yew), and Lee Han Shih, whose family has ties to OCBC and Lee Rubber Group, among other companies, Whampoa Group brings a notable legacy to its Web3 endeavors.
But Whampoa Group is not the only Singaporean venture firm with a growing interest in Web3.
Another Singaporean venture fund, Saison Capital, has allocated $100 million for venture capital investments, including in both Web2 and Web3 domains.
The venture arm of Credit Saison, Saison Capital has been actively involved in the blockchain sector, with 42 deals completed thus far, a third of which took place this year.
Qin En Looi, principal at Saison Capital, stated:
“We are expanding our fund-of-funds mandate, which means we are looking at investing in many new crypto-focused funds as well. We are not only early-stage VCs, but we also invest in funds. We are looking to grow our fund portfolio more from Web2 to Web3.”
Saison Capital typically provides initial funding ranging between $200,000 and $500,000, with ongoing support throughout the portfolio company’s journey.
Some of its notable portfolio firms include Helix, a crypto lending platform, Krayon, a wallet secured through multiparty computation, and Avium, a Web3 gaming entity.
Despite the uncertain macroeconomic landscape and regulatory challenges in the crypto and blockchain sectors, Looi expressed optimism, emphasizing that casual investors have exited the market, leaving only committed, long-term participants.
“Currently, many investors are looking at investment opportunities where you can combine blockchain crypto with traditional financial services. The market turmoil has not stopped serious investors from investing.”