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Hello reader,
In 2022, Web3 was hot. Every other day, it seemed like there was some company operating in the sector – be it in DeFi, GameFi, the metaverse, or something else – that had raised funds.
Of course, that’s changed this year. According to Crunchbase, global venture funding into Web3 startups dropped 76% year on year in the second quarter of 2023.
While it’s not just Web3 that’s been hit by the funding winter, the sector has definitely lost some of its shine, thanks to events like the Axie Infinity hack, the Luna crash, and FTX’s collapse.
Despite the gloomier landscape, Web3 is still ripe with potential. That’s why the crypto investor we spoke to for today’s premium story is still bullish on the industry – even if the market has been bearish for a while.
Today we look at:
- This crypto VC firm looking to raise its second fund
- A new sandbox for generative AI
- Other newsy highlights such as the arrival of a TikTok rival in Indonesia (try saying that five times fast) and how much Southeast Asia’s digital economy has grown this year
P.S.: We’ve got a very exciting announcement – Tech in Asia has been acquired by SPH Media!
Nothing’s gonna change, though – we remain committed to serving the tech and startup community in Asia, and we’ll only grow stronger with the support of SPH Media’s extensive networks and resources.
Thank you for all the support on our journey so far.
Premium summary
Bulls, bears, and Krakens
Image credit: Timmy Loen
Despite the bleak investment climate for the Web3 sector, US-based Kraken Ventures is looking to raise US$100 million for its second fund. Let’s take a closer look at why it’s bullish on the industry:
Playing in the sandbox
RSVP to meet executives from Meta, P&G, GoTo, UOB, Agoda, and more!
Quick bytes
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