Blockchain-centric incubator and adviser PANONY has reportedly concluded a Series A fundraising with backing from NGC Ventures – Asia-based top-tier crypto investment entity. 

Specifically, the freshly concluded funding round has reportedly put the firm on the path to widen the scope of its portfolio and geographic footprint. 

Despite the funding terms were not revealed, the Series A offered PANONY a valuation of $100 million. The Hong Kong-headquartered PANONY revealed kits intention of directing the fund towards the expansion into different jurisdictions, rolling out new service offerings and expand its networking capabilities.

Established in 2018 by Alyssa Tsai and Tongtong Bee, PANONY reportedly makes investments in blockchain- and Web3-centric startups and provides continuing advisory and business support. 

The firm maintains operations throughout Greater China, South Korea and America.

While PANONY has yet to reveal the kinds of firms it will support after its successful raise, Tsai, who sat in the CEO position of the company, identified nonfungible tokens, decentralized autonomous organizations and decentralized finance as promising innovations.

Bee additionally boasted decentralized cloud computing as among the top promising use cases of blockchain technology. She also opined that decentralization was the primary feature that distinguishes Web3 from Web2. 

“[I]n a decentralized web, individuals can control their data, not some mega corporate or anybody else,” she said.

The venture capital community has diverted billions of dollars into Web3-focused funds, as institutional investors look to capitalize on the growth of the decentralized internet. In August, CoinFund launched a $300 million Web3 fund, Shima Capital earmarked $200 million for Web3 startups and Polygon founder Sandeep Nailwal allocated $50 million to similar initiatives.