NGC Ventures launches $20m fund to develop Solana blockchain ecosystem

Singapore-based blockchain investment firm NGC Ventures announced the launch of a US$20 million strategic investment fund to develop the Solana ecosystem, a community of apps and projects built on the blockchain, which was founded by former Qualcomm, Intel, and Dropbox engineers.

The fund made its first strategic injection today into Dexlab, a decentralized exchange where Solana projects mint and list their tokens.

Photo credit: David McBee

In addition to its investments, NGC Ventures plans to contribute to the overall Solana ecosystem by offering mentorships, specifically on business development, hiring, as well as treasury and financial management.

It aims to leverage its experience of investing in over 100 projects, including blockchain initiatives like Solana, Algorand, Elrond, Polkadot, and Avalanche.

NGC Venture’s new fund is one of five funds that will collectively invest US$100 million of new capital to the Solana ecosystem. The Singaporean firm is joined by cryptocurrency exchanges Huobi and Gate.io, HashKey digital asset management group, and MATH – a multi-platform cross-chain wallet – each launching US$20 million funds for Solana.

“We continue to seek innovative projects that leverage blockchain to disrupt their target markets and this partnership will further unlock the potential of the technology,” said NGC Ventures founding partner Roger Lim. “Together, we look forward to investing in projects with practical use cases that solve not only the problems of tomorrow but those that are holding us back today.”