Singapore-based venture capital firm True Global Ventures has secured the first close of its $146 million follow-on fund focused on later-stage Web 3.0 startups.
According to a statement by the firm, the True Global Ventures 4 Plus (TGV4 Plus) Follow On Fund received a general partner (GP) commitment of over $62 million — or over 40% of the total fund corpus — from its 15 GPs and its investment committee.
The first capital call of the fund has already been fully paid in, the statement added.
The follow-on fund will double down on portfolio winners from its TGV4 Plus “base fund”, which it closed at over $100 million last year. TGV4 Plus is dedicated to Web 3.0 companies in late-stage Series A, B, and C stages across three verticals — entertainment & gaming, financial services, infrastructure, and data analytics/artificial intelligence (AI).
Some of True Global’s portfolio companies include names such as Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled, and others.
“The base fund has been a success, but we are still only in the starting blocks of Web3. We believe that our early winners will grow even stronger and with the Follow On Fund, we give our partners an opportunity to invest more into these companies,” said Fredrik Adolfsson, general partner.
TGV4 Plus added that the follow-on fund was raised in a “record time” of four months, and that it has entered the “best time” to invest.
“We believe this is the best time to invest during market corrections. I would say that it is much easier to see more clearly who the winners are now. This has created a high level of confidence amongst our investors who have seen a large GP Commit and the first call being executed very quickly,” said Dušan Stojanović, general partner.
True Global Ventures was launched in 2019 by an international group of “super angels” comprising entrepreneurs, business angels, family offices, and institutional investors.
Today, it has a global presence across 20 cities including Singapore, Hong Kong, Taipei, Dubai, Abu Dhabi, Moscow, Stockholm, Paris, Luxemburg, Madrid, Warsaw, New York, San Francisco, and Vancouver.