PANONY, a Hong Kong-based investor and consulting agency, is prioritizing Web3 startups for its incubator program.
Blockchain-focused incubator and adviser PANONY has closed a Series A funding round backed by NGC Ventures, one of Asia’s largest crypto investment firms, putting the company on track to expand its portfolio and geographic presence.
Although the funding terms weren’t disclosed, the Series A gave PANONY a valuation of $100 million, the company reported Monday. The Hong Kong-based PANONY said it would use the funds to expand into other jurisdictions, launch new service offerings and expand its networking capabilities.
Founded in 2018 by Alyssa Tsai and Tongtong Bee, PANONY invests in blockchain- and Web3-focused startups and offers ongoing advisory and business support. The company maintains operations across Greater China, South Korea and the United States.
While PANONY didn’t disclose the types of companies it will back following its successful raise, Tsai, who serves as the firm’s CEO, identified nonfungible tokens, decentralized autonomous organizations and decentralized finance as promising innovations.
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In a recent interview with Cointelegraph Magazine, Bee touted decentralized cloud computing as one of the most promising use cases of blockchain technology. She also opined that decentralization was the key feature that separates 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.