The fund will be based in Dubai and invest in gaming studios and other blockchain projects.

Credit: Shubham Dhage / Unsplash

Whampoa Digital – the technology investment arm of Singapore-based investor Whampoa Group – and Korean gaming company Wemade are launching a new $100m fund to invest in Web3.

The pair signed a non-binding memorandum last week to set up the Wemade Web3 Fund, as well as to partner on what they call digital asset initiatives in the Middle East, potentially toco-invest in projects and carry out mutual deal and project referrals.

Wemade Web3 Fund will invest in gaming studios and blockchain projects. It will be headquartered in Wemade’s Wemix Play Centre in Dubai, from where Wemade runs its web3 gaming platform.

Wemade has already invested in gaming studios like Lionheart Studio, Madngine and Shift Up.

They have said that the developments from their partnership will be integrated with financial institutions to seamlessly integrate digital asset adoption.

Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.