True Global Ventures Closes New US$146m Follow On Fund
with GP Commit of US$62m to Invest Into Late Stage Web3 Winners
True Global Ventures 4 Plus (TGV4 Plus) Fund announces its first closure of its US$146m Follow-on Fund.
The TGV4 Plus Follow-on Fund has a group of 15 General Partners (GP), who lead the fund and its Investment Committee, putting in more than US$62m of their money into the fund. This is a total GP commitment of over 40% of the total fund size and over US$4m per GP on average. The first capital call of the fund has been fully paid in.
The TGV 4 Plus base fund invested in serial entrepreneurs leading globally ambitious Blockchain start-ups. It covers 20 cities in North America, Europe and Asia. The fund is dedicated to Web3 companies, primarily in late-stage Series A, B and C across 3 verticals: Entertainment & gaming, financial services, infrastructure & data analytics / Artificial Intelligence (AI). Founded by International group of “Super Angels”, TGV4 plus limited partners are entrepreneurs, business angels, family offices, and institutional investors.
It has invested in some of the leading Web3 companies such as Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled and others. The new Follow-on Fund will focus on investing a majority of its capital into selected TGV 4 Plus base fund companies. It might also invest in other late stage Web3 deals opportunistically.
The base fund has been a fantastic, but we are still in the starting of the blocks of Web3.0. We believe that our early winners will grow even stronger and with the Follow-on Fund, we give our partners an opportunity to invest more into these companies” says Fredrik Adolfsson, General Partner.
Valerie Hawley, Affiliate Founding Partner, Middle East, highlighted “More than 40% of the Follow-on Fund has been raised from partners based in the Middle East, India and Asia, which just goes to show the increasing importance this region has to play in the Venture Capital space. Numerous portfolio companies from our base fund, GCEX, Enjinstarter and IoMob, have established operations in Dubai, and we expect many more to do so given the crypto friendly environment the UAE has established with the creation of VARA.”
General Partner, Dusan Stojanović added “We raised the money in record time in 4 months and we believe this is the best time to invest during market corrections. I would say that it is much easier to see more clearly who the winners are now. This has created a high level of confidence amongst our investors who have seen a large GP Commit and the first call being executed very quickly”
With the recognition of established decentralized Web3 use cases, TGV continues to invest in serial entrepreneurs leading globally ambitious Blockchain start-ups.