Chinese venture capital firm GBA Capital has unveiled plans to allocate $10 billion for a Web3 fund with a focus on supporting startups in virtual reality, the metaverse, and non-fungible tokens (NFTs).
The announcement was made during the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference held on December 26. GBA Capital aims to leverage this fund to propel the Guangdong-Hong Kong-Macao economic area into a prominent position as the “world’s meta-asset capital.”
Haolong Li, Chairman of GBA Capital, shared that the conference would also organize global tours in various locations, including Japan, Singapore, Dubai, Silicon Valley, and Europe, to enhance the visibility of meta-assets.
With a focus on the digital economy, the venture capital firm aims to play a crucial role in encouraging innovation and growth in the sector. GBA Capital is expected to leverage its partnerships and resources to provide comprehensive support and services, encompassing education training, industry capital, and investment incubation for startups operating in the Web3 and artificial intelligence (AI) space.
The $10 billion investment fund by GBA Capital will fuel the development of companies within the virtual reality, metaverse, non-fungible tokens (NFTs), and real-world assets (RWA) sectors.
On May 29, GBA Capital’s subsidiary, Zhongrong Global, successfully raised an angel funding round, achieving a valuation of 100 million Chinese yuan ($14 million). The fucnds secured by Zhongrong Global will be used to support the Web3 project incubation and the provision of industrial services within the artificial intelligence domain.
As part of its overarching strategy, GBA Capital is deeply engaged in investment and incubation within the digital economy, aiming to integrate industrial clusters, capital resources, corporate resources, and policy advantages to offer comprehensive support and services to enterprises.
Established by China Europe International Financial Group in Hong Kong, GBA Capital has secured backing from prominent entities, including China’s state-owned National Engineering Laboratory and financial institutions such as the Asia Pacific Investment Bank.
The company’s subsidiary, Hongkong Global, attracted angel funding from institutional investors in May, reaching a valuation of 100 million Chinese yuan ($14 million). At that time, Zhongrong Global outlined its strategic utilization of the funds to incubate Web3 projects, emphasizing industrial services within the burgeoning field of artificial intelligence.
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