Kul Bhushan · · 1 min readNew Singapore VC fund to invest $75m into crypto, blockchain firms
SBI Group, Sygnum, and Azimut Group have announced the launch of a venture capital fund that will focus on startups in the digital asset sector across Europe and Southeast Asia.
Incorporated as a Variable Capital Company, the Singapore-based fund has a corpus of up to US$75 million. It will focus on pre-series A and series A companies working on blockchain-based or distributed ledger technology (DLT) infrastructure, decentralized finance (DeFi) solutions, and regulatory tech tools.
The new fund aims to leverage the growing investor appetite for the crypto and blockchain industry, which accounted for 6% of all global VC funding year-to-date, the companies said in a joint statement. In the first half of 2021, investors have shelled out more than US$17 billion into blockchain/DLT and cryptocurrency companies globally, marking a 5x increase since 2019.
“The fund enables us to bring our expertise and networks in the sector to accelerate the growth of promising digital assets companies and to shape the future of financial services,” said Ryosuke Hayashi, CEO and managing director of SBI Ven Capital, in a statement.
Correction (September 30, 12:17 pm): The article earlier incorrectly mentioned that the VC fund is known as Variable Capital Company.
Editing by Collin Furtado and Eileen C. Ang
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