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Crypto-focused venture capital fund NGC Ventures has raised $100 million for its latest blockchain fund.

• Investors in the Web 3-focused fund include Babel Finance, Huobi Ventures and Nexo Ventures.

• The Metaverse Ventures Fund will back early-stage projects in Web 3 infrastructure including decentralized finance (DeFi), non-fungible tokens (NFTs) and GameFi (play-to-earn blockchain-based games that incorporate DeFi and NFTs).

• Through its previous funds, NGC Ventures made early investments in prominent blockchain projects, such as Solana, Oasis and Algorand.

• Several funds focusing on the growth of Web 3 infrastructure have emerged in recent months as it becomes an area of increasing interest in the crypto and blockchain industry. In March, Griffin Gaming Partners raised $750 million for a Web 3-focused fund. And crypto lender Nexo spun out a venture arm with $150 million for Web 3 projects and acquisitions in the same month.

Read more: Fireblocks Deploys ‘Web3 Engine’ for Firms Eyeing GameFi, NFTs