The new Follow On Fund will focus on investing a majority of its capital into selected TGV 4 Plus base fund companies

Venture capital firm True Global Ventures (TGV) announced the first closure of its $146 million follow on fund that will focus on global blockchain startups in 20 cities in North America, Europe and Asia.

The fund is dedicated to Web3 companies, primarily in late-stage Series A through C across 3 verticals – entertainment and gaming; financial services; as well as infrastructure and data analytics / Artificial Intelligence (AI).

The new Follow On Fund will focus on investing a majority of its capital into selected TGV 4 Plus base fund companies.

TGV has invested in Web3 companies such as Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled and others.

The VC added that ‘it might also invest in other late stage Web3 deals opportunistically’.

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 $62 million of their money into the fund.

This is a total GP commitment of over 40% of the total fund size and over $4 million per GP on average. The first capital call of the fund has been fully paid in.

Konrad Wawruch, General Partner at TGV said: After some years of growth, our best portfolio companies are looking to expand even further.

We want to help and assist them with the Follow On Fund, as we are ready on the starting blocks, when many growth funds focus on regaining investors’ trust during this period, he said.

Dusan Stojanovic, General Partner at TGV said: 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.