Hong Kong Fund to Raise $100M to Invest in Web3 Industry
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Hong Kong investors have reportedly closed a semi-annual fundraising period for their $100 million ProDigital Future fund, designed to invest in the digital asset industry.
According to Bloomberg, the organization was able to raise $30 million during the period. Led by SAIF Partners partner Ben Ng, the fund is focused on China, but also hopes to expand to Australia, Singapore, Europe, and the US.
So far, it has invested in six Web3 projects, including the GigaSpace metaverse and the Australian digital sports club One Future Football.
The news comes shortly after Hong Kong’s financial secretary, Paul Chan, announced that the authorities will be allocating $6.4 million to accelerate the development of the Web3 ecosystem.
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