Hong Kong-based investment firm Newman Capital announced Wednesday the launch of its $50 million investment fund to help cutting-edge traditional businesses to strengthen their position in the ever-growing Web3 world.

Newman Capital said in a statement that the fund is on the mission to accelerate the Web3 adoption, especially in the traditional business world, focusing on Asia.

The alternative investment fund serves as a gateway and know-how for conglomerates to add value to their existing business with tech-driven solutions, it added.

It also said the newly established fund will strengthen Newman’s position as a leading alternative venture capital in Asia with three primary focuses: technology investments, Web3 applications, and art and collectibles.

The creation of the fund also aligns with Newman’s goal to empower traditional businesses with Web3-offline fusion solution.

“The team at Newman Capital strongly believes that the future of the internet is Web3, and it is not only about technology but also philosophy. While many traditional players have been wanting to seize opportunities in the Web3 space, many of them could not find the right partners to guide them through this journey with a profound understanding of the Asian business landscape. As an investment firm deeply rooted in Asia, Newman Capital strives to be the alternative investment know-how for any business leaders and decision-makers in the region that wants to harness the power of Web3,” it said.

Newman Capital is an alternative investment firm inspired by the renowned racecar driver and entrepreneur. It seeks founders, projects, and technology that drive disruptive change. Its goal is to invest, mentor, and empower cutting-edge businesses with tech-driven solutions.

The firm is well-positioned in the confluence of the digital and the offline worlds. Its investment portfolio includes some of the most well-known names in the technology and blockchain spaces, such as SpaceX, Epic Games, Reddit, Dapper Labs, Loda Finance, to name a few. Newman Capital’s footprint also can be found in the art and collectibles scene, with a portfolio of Modern and Contemporary works including pieces from Japanese blue-chip artist Yayoi Kusama, and renowned street artist Banksy.

Hong Kong social crypto investing platform Kikitrade nets $6M funding co-led by AppWorks and Media Asia