Singapore-based Whampoa and Saison Capital intensify their focus on Web3

Tech investors are looking to double down on the sector once more as global crypto trading volumes have begun to recover after plummeting last year.

According to individuals familiar with the situation, the Whampoa Group, a multifamily office with stakes in multinational digital firms, will introduce a $100 million venture fund by the end of this year. The venture fund was originally said to be scheduled to debut in the fourth quarter of 2022 and is anticipated to invest in Series A financing of Web3 and digital assets.

A request for comment from DealStreetAsia was not answered by Whampoa Digital, the group's investment arm for digital assets.

In the meantime, Credit Saison's venture arm, Saison Capital, which has set aside $100 million for venture capital investments, including Web2 and Web3, is focusing even more on blockchain and cryptocurrency. With a third deal coming this year, it has completed 42 deals in the blockchain industry thus far.

The principal at Saison Capital, Qin En Looi, stated that the company was considering investing in numerous new funds with a focus on cryptocurrencies as they were expanding their fund-of-funds mandate. They were early-stage venture capitalists as well as fund investors. Qin noted that they wanted to expand their fund portfolio from Web2 to Web3 as well.

The investor, who is based in Singapore, claimed that the average first check it writes is between $200,000 and $500,000, with "follow-on support" provided throughout the portfolio company's development.

The crypto lending platform Helix, the multiparty computation-protected wallet Krayon, and the Web3 gaming company Avium are some of the companies in its portfolio.