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Shadine Taufik · · 5 min readTrue Global Ventures pivots fund to focus on generative AI
Back in 2011 when True Global Ventures (TGV) was the new VC on the block, the firm invested in AI before doubling down on Web3 five years later, partner Kelly Choo says.
Photo credit: Kelly Choo
Over 11 years later, TGV is going back to its roots.
Choo tells Tech in Asia that as the VC’s first AI investments were made during their early-stage fundraising rounds, the firms have already matured. He also says that generative AI companies have now achieved mass awareness, making it the perfect time to invest in the field.
Some of the company’s previous investments in AI include Aptiv.io, Bluerider Software, Quantumrock, and Singularity Studio.
In June 2022, the VC firm raised US$146 million for its TGV4 Plus Follow On Fund.
While most of its capital was expected to go into selected companies that received investments from its base fund – the TGV4 Plus Fund – the remaining would be invested into late-stage Web3 firms operating in the AI, financial services, entertainment and gaming, and infrastructure and data analytics sectors.
The TGV4 Plus Fund – which was launched in 2018 – has deployed 70% of its capital in 16 companies. These include Animoca Brands, The Sandbox, Forge, and Coinhouse.
Image credit: Timmy Loen
With the acceleration of developments in AI, TGV has now rebranded the Follow On Fund to the Opportunity Fund and has shifted its focus to generative AI firms in growth and late stages. About 30% of this fund has already been deployed.
The shift to generative AI is quite a change as TGV4 Plus was established as a blockchain-focused fund.
Choo shares that the VC has been receiving a lot of demand from family offices to invest in generative AI and Web3 tech. “We want to be able to invite these family offices to come and join us in this second close [of the Opportunity Fund],” he adds.
The firm expects to reach the second close for the Opportunity Fund by the end of May but it didn’t disclose the targeted amount.
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The previously Web3-focused firm is shifting its attention back to AI, partner Kelly Choo says.
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