Singapore-based venture capital firm True Global Ventures (TGV) announced Thursday its first closure of its $146 million follow on fund to invest into late stage Web3 startups.

TGV said in a statement that its True Global Ventures 4 Plus (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 percent 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.

“The base fund has been a fantastic success, but we are still only in the starting blocks of Web3. We believe that our early winners will grow even stronger and with the Follow On Fund, we give our partners an opportunity to invest more into these companies” said Fredrik Adolfsson, General Partner of TGV.

The TGV 4 Plus base fund invested in serial entrepreneurs leading globally ambitious blockchain start-ups. It covers 20 cities in North America, Europe and Asia.

The fund is dedicated to Web3 companies, primarily in late-stage Series A, B and C across three verticals: entertainment and gaming, financial services, infrastructure and data analytics / Artificial Intelligence (AI).

“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”, said Konrad Wawruch, General Partner of TGV.

Founded by an international group of “super angels”, TGV 4 Plus limited partners are entrepreneurs, business angels, family offices, and institutional investors.

Following the success of its TGV 4 Plus base fund, with two unicorns and two companies that went public, it has invested in some of the leading Web3 companies such as Animoca Brands, The Sandbox, Forge, Chromaway, Coinhouse, GCEX, Chronicled and others.

According to the statement, the new Follow On Fund will focus on investing a majority of its capital into selected TGV 4 Plus base fund companies. It might also invest in other late stage Web3 deals opportunistically.

“We raised the money in record time in four 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. This has created a high level of confidence amongst our investors who have seen a large GP Commit and the first call being executed very quickly,” said TGV General Partner Dušan Stojanović.

With the recognition of established decentralized Web3 use cases, TGV said it will continue to invest in serial entrepreneurs leading globally ambitious Blockchain start-ups.

TGV is a global venture capital firm built by a group of serial entrepreneurs with a solid track record of investing their own money together with limited partners into ventures run by serial entrepreneurs. Its portfolio companies leverage web3 technologies, incorporating blockchain as competitive advantages to drive change with proven products.

TGV is a distributed fund with a presence in 20 cities, including Singapore, Hong Kong, Taipei, Dubai, Abu Dhabi, Moscow, Stockholm, Paris, Luxemburg, Madrid, Warsaw, New York, San Francisco, and Vancouver. The TGV 4 Plus Follow On Fund focuses on investing a majority of its capital into selected TGV 4 Plus base fund companies. It might also invest in other late stage Web3 deals opportunistically.

True Global Ventures invests $25M into Web3 companies and blockchain