Solana to set up a $100 million fund to back Web3 startups in South Korea

Solana Ventures and the Solana Foundation have established a $100 million fund to invest in South Korean startups with a focus on DeFi, NFTs, and GameFi.

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Solana launches $100M investment and grant fund for South Korean web3 startups https://t.co/dppDfc1JsA by @jacqmelinek

— TechCrunch (@TechCrunch) June 8, 2022

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“South Korea is at the forefront of Web 3.0 game design and development, and we are focused on helping even more developers bring their ideas to life,” said Johnny Lee, the head of games at the Solana Foundation.

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According to him, Web3 gaming projects are poised for mass adoption in the long term, on par with free-to-play mobile games. For Solana Ventures, the new fund is the first vehicle with a clear geographic focus.

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In addition to funding, South Korean developers will receive design assistance and advisory services. Lee did not rule out that in the second half of 2022 Solana would see more “high-quality and engaging games” on Solana.

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In May 2021, Solana Foundation raised $60 million for three funds aimed at expanding the ecosystem in developing economies.

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In November, Solana Ventures, Lightspeed Venture Partners and FTX established a $100 million vehicle to invest in startups building blockchain games.

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In the same month, venture firm Seven Seven Six, together with Solana Ventures, announced a $100 million allocation to create a fund to support Web3 projects and blockchain-based social networks.

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In January–March 2022, investments in blockchain games totaled $2.5 billion, compared with $4 billion for all of 2021, according to a report by DappRadar and the Blockchain Game Alliance.

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