Comma3 Ventures secures $20m in first close for Web3-focused fund

Venture capital firm Comma3 Ventures has hit the first close of its Web3-focused fund at $20 million to invest in early-stage blockchain infrastructure firms. The fund has raised capital from institutional investors, family offices, well-known executives, and high-net-worth individuals in Taiwan and Singapore, Comma3 Ventures said in a statement.

It will be investing in projects in the infrastructure sector ranging from Decentralized applications (dApps) as well as Layer-1, Layer-2, and cross-chain solutions that have the potential to bring traffic to the Web3 space. Comma3 Ventures, which has offices in Singapore, Taiwan, and the US, is targeting $40-50 million for the fund, eyeing opportunities in the early to Series A funding stages.

Its first cheques would be in the range of $250,000 to $1.5 million, said Nicole Liu, founding partner of Comma3 Ventures. “Many of our LPs come from the Web2 space including Alibaba and some Hong Kong-listed firms. We want to be the bridge to connect Web2 investors that want to set foot in the Web3 space,” Liu, who previously served as the investment manager at Singapore-based VC firm Jubilee Capital Management, told DealStreetAsia in an interview. The firm, which commenced its fundraising in July 2022, has so far invested in seven to eight projects in the Web3 space, mostly via equity-plus-token-warrant, per Liu.

Liu, together with Ivan Li, and Denny Yang, will be the GPs of Comma3 Ventures, according to the release. Both Li and Yang are the founding partners of Taiwan-based early-stage, blockchain-focused investment firm Red Building Capital.


Riding on the bandwagon, crypto derivatives exchange Bitget also launched a new self-funded fund targeting next-generation Web3 projects and businesses in Asia, with an initial investment of $100 million, the firm said on April 10. Outside of the Greater China region, gaming hardware firm Razer launched an early-stage venture arm to invest in Web3 gaming projects, according to a company announcement on April 11. However, the first quarter of 2023 saw the most subdued fundraising scene for VCs — only $2.2 billion was raised by 14 new crypto VC funds in the first quarter of 2023, down 83% from a year ago when at least $13 billion was collected by over 60 funds, according to a report published by Galaxy Research, the research firm of crypto financial services firm Galaxy Digital.

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