Hong Kong is rapidly emerging as a pivotal hub for Web3 and blockchain innovation. The region's commitment to becoming a global leader in virtual assets and decentralized technologies is attracting significant investment and entrepreneurial talent. This growth is supported by a dynamic ecosystem of venture capital firms that provide not just funding but also strategic resources, industry connections, and technical expertise.
These investment entities play a crucial role in shaping the future of blockchain by supporting projects that span gaming, decentralized finance (DeFi), non-fungible tokens (NFTs), and infrastructure development. Here’s an overview of some of the most active and influential Web3 venture capital firms based in Hong Kong.
Animoca Brands
Animoca Brands stands as a leader in digital entertainment, blockchain, and gamification, advocating for digital property rights through NFTs and gaming to create an open metaverse. The company had a remarkable year in 2022, closing multiple funding rounds—two of which exceeded $100 million—and investing in nearly 70 projects.
Its portfolio is heavily focused on gaming, which represents over 60% of its investments. Key areas include play-to-earn games, NFT platforms, and metaverse infrastructure. Animoca’s strategy is rooted in the belief that gamers will drive metaverse adoption due to their familiarity with virtual economies.
Notable investments include Axie Infinity, OpenSea, and Dapper Labs. By the end of 2022, Animoca’s investment network comprised more than 380 companies.
HashKey Group
HashKey Capital is a global digital asset management firm with over $1 billion in assets under management. As one of the earliest institutional investors in Ethereum, HashKey has built a strong reputation for supporting sustainable blockchain ecosystems.
The firm operates across Hong Kong, Singapore, Japan, and the United States. It focuses on infrastructure, tooling, and high-potential applications, with over 500 investments to date.
Earlier this year, HashKey announced the close of its third fund, raising $500 million from sovereign wealth funds, corporations, and family offices. This fund will target standout crypto projects worldwide, with special attention to emerging markets.
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Kenetic Capital
Kenetic Capital is a proprietary trading and venture firm specializing in digital assets and blockchain technology. Founded by Jehan Chu, who began investing in crypto in 2013, the firm has backed more than 230 projects.
Kenetic focuses on foundational technologies such as data solutions, infrastructure, and enterprise blockchain systems. Its portfolio includes major protocols like Ethereum, Solana, and Polkadot, as well as NFT ventures such as Metakey and CXIP Labs.
C Capital
C Capital is a global asset manager offering private equity, credit, and blockchain hedge fund strategies. Established in 2017 by Adrian Cheng, the firm has invested in over 60 companies across consumer tech, blockchain, and digital assets.
Its blockchain hedge fund employs technical, fundamental, and on-chain analysis to navigate crypto markets. In 2023, C Capital plans to launch a $200 million fund dedicated to blockchain investments.
Notable portfolio companies include ConsenSys, Matrixport, and Animoca Brands.
Everest Ventures Group
Everest Ventures Group (EVG) is a blockchain-focused investment and incubation firm spun out from a traditional private equity fund. EVG targets fintech, DeFi, NFTs, GameFi, and metaverse projects.
Beyond investing, EVG actively develops in-house projects related to GameFi and media NFTs. Its portfolio includes The Sandbox, Flow, and Kraken, among others.
Token Bay Capital
Token Bay Capital is an early-stage venture fund focusing on digital assets and blockchain companies in the Asia-Pacific region. Founded by Lucy Gazmararian, a former PwC crypto lead, the firm brings deep regulatory and traditional finance experience.
The fund invests across five verticals: infrastructure, financial services, DeFi, metaverse & NFTs, and social commerce. Its portfolio includes Yuga Labs, Animoca Brands, and Merkle Science.
GBV Capital
GBV Capital, the investment arm of Genesis Block, is a venture firm focused on Asian blockchain markets. Since 2020, GBV has invested in over 70 companies, including layer-2 protocols, DeFi startups, and Web3 gaming platforms.
The firm also acquired OMG Network in late 2020, highlighting its commitment to scaling solutions.
Newman Capital
Newman Capital is a full-stack venture firm investing in technology, blockchain startups, and digital art. In 2022, it launched a $50 million fund to support traditional businesses transitioning into Web3.
Its portfolio includes Yuga Labs, Polygon, and Dapper Labs, as well as early bets on companies like Reddit and SpaceX.
Chiron Group
Chiron Group is a venture capital firm focused on DeFi and metaverse-related NFT projects. In 2021, it launched a $50 million fund to support projects built on the Terra ecosystem, though it has since diversified its investments.
Chiron provides portfolio companies with support in recruitment, business development, and product strategy. Its investments include SignalPlus and The Kingdom.
MindWorks Capital
MindWorks Capital is a venture firm that invests in early-stage tech companies across China and Southeast Asia. It backs innovative startups in blockchain, including play-to-earn guilds, crypto exchanges, and data analytics platforms.
Notable investments include YGG SEA and Zipmex.
Double Peak
Double Peak Group is a Hong Kong-based family office with a focus on digital assets and blockchain technologies. Since 2017, it has made over 70 investments in areas such as cross-chain platforms, CeFi-DeFi bridges, and infrastructure protocols.
Its portfolio includes Immutable X, BreederDAO, and Hex Trust.
Amber Group
Amber Group is a global digital finance platform founded by former Wall Street executives. The firm provides trading services and is also an active investor in early-stage crypto projects.
It has raised significant capital from investors like Temasek and Sequoia China. Amber’s investments include NEAR Protocol, Stader Labs, and Aurigami.
IOSG Ventures
IOSG Ventures is a research-driven investment firm focused on blockchain infrastructure, DeFi, GameFi, and SocialFi. Since 2017, it has invested in nearly 100 projects, emphasizing innovation, team capability, and community building.
Early investments include Polkadot, Near Protocol, and Cosmos.
CyberPort
CyberPort is a digital community and innovation hub backed by the Hong Kong government. It hosts over 1,900 tech startups and supports growth through grants and investment funds.
Recently, CyberPort launched the Web3 Hub@Cyberport initiative to attract global talent and boost Hong Kong’s Web3 ecosystem. While its direct investments in blockchain are limited, it serves as a key incubator for emerging projects.
Cultur3 Capital
Cultur3 Capital is a Web3-focused venture firm that invests in NFTs, DAOs, and community-driven projects. Since 2020, it has backed over 30 companies, including Sky Mavis, KnownOrigin, and Coordinape.
Cell Rising Capital
Cell Rising Capital invests in frontier technologies such as AI, robotics, and fintech. While not exclusively focused on crypto, it has participated in early rounds for Animoca Brands and Hex Trust.
QBN Capital
QBN Capital is a Hong Kong-based tech fund that invests in fintech and digital assets across Asia and Europe. It has led rounds for Hex Trust and HKbitEX, supporting the infrastructure of digital asset trading.
Frequently Asked Questions
What are Web3 venture capital firms?
Web3 venture capital firms invest in blockchain-based projects and startups. They provide capital, mentorship, and industry connections to help innovations in DeFi, NFTs, gaming, and infrastructure succeed.
Why is Hong Kong a hub for Web3 investment?
Hong Kong offers a supportive regulatory environment, a strong financial ecosystem, and growing government initiatives aimed at promoting virtual assets and blockchain technology.
What types of projects do these firms typically invest in?
Most focus on infrastructure, DeFi protocols, NFT platforms, metaverse projects, and gaming applications. Some also invest in AI, data analytics, and fintech solutions related to Web3.
How do venture firms support portfolio companies?
Beyond funding, they offer strategic guidance, technical support, business development opportunities, and access to partner networks and exchanges.
Are these firms open to international projects?
Yes, many of these firms have a global outlook and invest in projects worldwide, though some emphasize Asia-Pacific markets.
What is the typical investment size?
Investment sizes vary widely, from seed rounds under $1 million to Series A and beyond, often ranging from $5 million to $50 million depending on the stage and sector.