Whampoa Digital, the digital assets investment arm of Singapore-based multifamily office Whampoa Group, has teamed up with South Korean gaming firm Wemade to “collaborate” on a $100 million Web3 fund.
The Wemade Web3 Fund plans to tap gaming projects in the Middle East region.
It will be established by Wemade, while Whampoa Digital will serve as an ecosystem partner to engage in mutual deal and project referrals, as well as co-investing opportunities with Wemade.
Wemade, the operator behind Web3 gaming platform WEMIX Play, also announced that it is developing a gaming centre at Dubai International Finance Centre’s (DIFC) Innovation Hub. DIFC is Dubai’s tax-free zone that aims to foster trade and investment flows across the Middle East, Africa, and South Asia (MEASA) region.
The Wemade Web3 Fund targets up-and-coming gaming studios and blockchain projects that intend to set up an office in the WEMIX Play Centre at the DIFC Innovation Hub, per the release.
In October, DealStreetAsia had reported that the Whampoa Group will launch a $100 million venture fund by the end of this year, citing sources close to the development.
The year 2023 has so far been a tough one for Web3 investors looking to raise new funds. The average new Web 3 fund size stood at $238.4 million for the first nine months in 2023, while the median was $50 million during the said period — both the figures went down significantly from the same period last year, according to a report published by the research arm of crypto investment firm Galaxy Digital.
While the fundraising environment stays bleak for crypto VCs, Q3 data showed improvement as around $1.2 billion was allocated to 15 venture funds. The fund count was 50% more than the previous quarter, while the raised capital was 62.5% more than in the same period last year, per the report.
