Bitrue Ventures Launches $40 Million Fund for Web3 Startups

Author

Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

Author Profile

Share

Copied

Last updated:

July 18, 2024 17:13 EDT

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Bitrue Ventures has announced the launch of a $40 million investment fund aimed at supporting web3 startups, with individual investments of up to $200,000.

According to a recent press release by Bitrue, the fund will focus on sectors such as artificial intelligence (AI), Real World Asset (RWA) tokenization, GameFi, Decentralized Physical Infrastructure Networks (DePIN), and Decentralized Finance (DeFi).

Bitrue to Support Web3 Innovation

The fund is designed to provide not only financial support but also access to Bitrue’s extensive network of industry connections and expertise. This holistic approach aims to help startups overcome the various challenges they might face during their development phases.

In addition to funding, Bitrue Ventures plans to publish research reports that will be freely available. These reports aim to guide development teams and inform consumers about the future of the industry, thus fostering a more knowledgeable and prepared market environment.

The selection criteria for funding will focus on projects within the AI, RWA tokenization, GameFi, DePIN, and DeFi sectors. These areas are seen as having significant growth potential and are currently attracting substantial interest from both institutional investors and the broader public.

Bitrue Ventures’ initiative aligns with the increasing influx of capital from institutional investors into the web3 space. The fund could position itself as a supporter of projects and technologies, enhancing Bitrue’s reputation as a pivotal player in the crypto ecosystem.

Web3 Startups Raise $1.9 Billion in Q1

A report Crunchbase published in April stated that web3 startups had raised nearly $1.9 billion in the first quarter of 2024, marking a significant increase of 58% from the previous quarter.

Chris Metinko, the report’s author, noted that investors have been increasingly focusing on the AI sector, marking a shift in their investment strategy. The $1.9 billion investment came from a total of 346 deals.