Global Blockchain equity fund launched with partners from MENA
The Blockchain equity fund was oversubscribed and surpapsed 100 million USD target
True Global Ventures (TGV) a global Venture Capital firm with a presece in UAE, has closed its Global Blockchain equity Fund under the name” True Global Ventures 4 Plus (TGV 4 Plus) Fund” with partners from the MENA region. According to the press release this is the world’s first truly global blockchain equity fund. The fund was oversubscribed and surppassed its US$100 million target. The fund is dedicated to blockchain companies, primarily in late-stage Series B and C across four verticals: Entertainment, infrastructure, financial services, data analytics and artificial intelligence (AI).
The TGV 4 Plus fund has invested in five companies to date: Animoca Brands, unicorn global market leader in “Play-to-Earn” blockchain gaming and non-fungible tokens (NFTs); Forge Global, global market leader in secondary private markets; The Sandbox, global market leader in gaming metaverse; Canada Computational Unlimited, Bitcoin mining company with 100% renewable energy and QuantumRock, AI asset management market leader. Under TGV 4 Plus, these portfolio companies have seen material value creation and commercial traction in the past months.
In Al Arabiya article on the topic, it was mentioned that many of the fund’s limited partners are based in the Middle East. The region has been home to some exciting developments in blockchain recently. In the same article Middle East General Partner for TGV and Director at La Sorbonne Center for Artificial Intelligence, Abu Dhabi (SCAI), Valerie Hawley told Al Arabiay English “I think the Middle East region is going to be very important to the development of blockchain … I think [the Middle East] is developing very interesting use cases for the blockchain. For us, a dedicated fund investing into this technology, it is very important that we are represented here, whether that be in our investors or the startups we are investing in,”
Eric Munson, CIO & Founder, Adit Ventures, said, “We’ve been impressed by TGV’s unique deal sourcing and selection of bold entrepreneurs and companies globally. This has enabled us to deliver outsized returns across all our family, friends and investor partners.”
Financial institutions are a key growth driver as they look to deploy blockchain applications in NFTs, enterprise blockchain solutions, digital identities, digital currencies, and decentralized finance (DeFi). Increased commercial adoption of distributed ledger technologies (DLTs) such as blockchain will accelerate the mainstream adoption of digital currencies.
TGV plans for more equity funding rounds, following the TGV 4 Plus Fund launch. TGV 4 Plus’ 40 partners contributed 27% of the fund, together with entrepreneurs, business angels, family offices and institutional investors, many with co-investment rights in future equity rounds. The partners help portfolio companies with commercial relationships, investment promotions, introductions to VCs, loans, and private equity firms for refinancing, and company acquisitions and exits.
