HashKey Capital’s Fund III raises $500 million to drive Web3 mass adoption

HashKey Capital, the investment arm of Singapore-based financial services group HashKey Group, has raised $500 million for its third fund, HashKey FinTech Investment Fund III. With the fund, HashKey will invest in global crypto and blockchain projects and focus on emerging markets.

The fund was supported by institutional investors, such as sovereign wealth funds, businesses, and family offices. The company aims to invest in infrastructure, tooling, and applications that show potential for mass adoption. 

Despite the bear market and recent scandals in the crypto industry, HashKey Capital manages over $1 billion in client assets. HashKey has well-known companies in its portfolio, including Cosmos, Aztek, Coinlist, dYdX Blockdaemon, FalconX, Polkadot, and Animoca Brands. The firm has offices in Hong Kong, Singapore, the US, and Japan.

Deng Chao, CEO of HashKey Capital, said the company gained valuable experience and insight from weathering three cycles in the industry. In fact, it is one of the few crypto investors that has been granted a license for fund management involving digital assets in Hong Kong and has also received approval in principle for fund management in Singapore.

“As one of the earliest institutional investors in Ethereum and the host of Devcon2, we have maintained since the first day that the power of blockchain and crypto innovation can create a better future. Fund III will follow our time-tested investment principles while also looking for game-changers, which would be those that will propel the industry forward into the next stage,”

said Dr. Xiao Feng, Chairman of HashKey Group. 

Web3 projects have raised significant amounts of funding in the past, especially through traditional fundraising methods such as venture capital and private equity. According to the Metaverse Post fundraising report, Web3 startups raised a total of $7.2 billion in 2022.