Hashed, a Korean blockchain venture capital firm, has announced the creation of Hashed Venture Fund II, a new fund dedicated to investing in Web 3.0-based startups. The fund raised $200 million for these investments, and while the company did not reveal who participated, it did announce that operations will be scaled up to have a greater global impact.
Investments in Web 3 Have Been Hashed
Hashed, one of Korea’s largest blockchain-based venture capital firms, has announced the launch of a new fund focused on Web 3.0 investments. Hashed announced that its new fund, Hashed Venture Fund II, would launch with $200 million to incubate startups in the Web 3.0 space, such as play-to-earn initiatives and decentralized finance firms.
With this fund, Hashed hopes to broaden its influence and reach a global audience, connecting with creators in previously unimagined locations. According to Hashed’s announcement, written by partner Baek Kim:
In key markets, we are carefully scaling our impact. In addition to our offices in Seoul and San Francisco, we are expanding our presence in Singapore.
To accomplish this, Hashed is also restructuring its executive team, elevating two of its early collaborators, Sean Hong and Baek Kim, to general partners.
While the company did not reveal the investors behind this new fund, it did provide the general guidelines that will govern the initiative’s investments. The funds will go to companies in three categories: the metaverse, open finance, and web 3.0 infrastructure.
The company has previously invested in play-to-earn initiatives and metaverse-based games like The Sandbox and Axie Infinity, so this announcement comes as no surprise in this space. What’s more intriguing is the company’s focus on developing web 3.0 infrastructure that could potentially be used by other protocols. The announcement from Hashed emphasized:
We will concentrate on resolving issues that improve end-user experiences, creating more engaging metaverse games, and making web3 services more secure for widespread adoption.
UNOPND, a sibling gaming company, is also working on several play-to-earn experiences for the company. This is Hashed’s second fund in less than a year, with the previous one raising $120 million for similar investments. At the time, the company also refused to reveal the investors in the deal.