Leading South Korean blockchain company Hashed has announced that it has raised a $200 million investment fund.
Hashed Venture Fund II
Per a press release shared with CryptoPotato, the $200 million fund dubbed Hashed Venture Fund II will be geared toward the growth and development of Web3, the decentralized internet.
The new fund, according to the project, will be investing in companies that are dedicated to revolutionizing the internet.
“As we take our second step in solidifying our position in the global blockchain and technology sector, we are excited that our team’s vision is coming into reality,” Simon Kim, CEO & Managing Partner of Hashed.
Growing Institutional Interest in Web3
Hashed noted that there has been a growing interest in Web3 from institutional investors, who hope to invest early in the technology as the sector gradually gains mainstream relevance.
The company did not disclose its investors for the new fund, which may be due to legal requirements.
However, it noted that the $200 million investment fund came from a number of top Korean IT companies, multi-discipline conglomerates, and globally renowned investment firms, who joined the initiative as limited partners.
Notably, Sean Hong and Baek Kim, two executives of Hashed, will also join the fund as partners. Hashed chose to promote the duo for their significant contributions toward the growth of the company.
It is worth noting that the new funding comes in less than a year after Hashed raised $120 million to accelerate investments in the blockchain sector.
Hashed Investments in Crypto
Launched in 2017, Hashed focuses on backing firms that are pioneering the future of blockchain and cryptocurrency.
Since its launch, it has invested in several crypto and blockchain companies, including blockchain analytics firm CryptoQuant, derivatives platform Vega, Ethereum-based investing startup Set, and decentralized exchange dYdX, among others.
Although Hashed’s previous investment funds covered all crypto and blockchain projects, the company has decided that the Hashed Venture Fund II will exclusively focus on Web3.
For the company, its reason is that Web3 is tipped to revolutionize users’ interaction with the next-gen of the internet, such as decentralized finance (DeFi), non-fungible tokens (NFTs), etc.
In October, Hashed launched a new startup studio to support innovative metaverse and NFT projects. According to the company, the new division will foster the development of creative projects while exploring and experimenting with new ways to apply blockchain in the gaming and NFT markets.