Alumni from several crypto and fintech companies launched Singapore-based Oak Grove Ventures, a $60 million fund that focuses on the intersection of biotech, Web3 and artificial intelligence (AI).
Among those involved are Sally Wang, formerly of Sino Global Capital (now Ryze Labs); Ethan Wang, former tech lead of Libra; Shawn Shi, co-founder of Alchemy Pay ACH/USD ; and Michael Li, a former VP of Coinbase COIN .
Read More: Visa, PayPal Join Roster As Blockchain Capital Bags $580M For Crypto Ventures
Oak Grove previously operated as a family office with a track record of supporting more than 30 projects and early-stage investments. Its investment portfolio comprised of eight funds and 14 projects including Elon Musk-owned SpaceX and Neuralink Corp.
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Crunchbase data indicates that Web3 funding to venture capital-backed startups in the third quarter (Q3) of 2023 is estimated to plunge to its lowest level since 2019.
The sectors startups have seen less than $1 billion invested this quarter spread across 200 deals, which is compared to $1.9 billion in 364 deals in the second quarter of 2022. A year ago, in Q3 of 2022, investments stood at $3.6 billion spread across 500 deals.
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Similar Moves: Recently, the top cryptocurrency exchange and copy trading platform Bitget announced the establishment of the Bitget EmpowerX Fund initiating with a $100 million capital base for building a web3 ecosystem.
Separately, Blockchain Capital raised $580 million for two new funds focused on crypto investments, marking the most substantial fundraising effort in its decade-long existence.
Contrarily, Ant Group exited its A&T Capital $100 million fund amid a troubling digital asset market.
Now Read: Alibaba's Ant Group Ditches A&T Capital As Crypto Venture Funds Continue To Dwindle