Investment management firm, Sigma Capital has announced plans to invest $100 million in its first-ever fund dedicated to decentralized internet technology, also known as Web3. The initiative, named the Sigma Web3 Fund, will mainly target early-stage startups focused on building the decentralized web and blockchain-based applications.
The fund will be led by Manmeet Singh, who is the co-founder of EMURGO, a global blockchain solutions provider. Sigma Capital aims to leverage Singh's extensive experience in blockchain and crypto to guide investment in transformative Web3 projects. The firm believes that such projects, which are designed to return control and privacy to internet users, are set to revolutionize the digital landscape.
Web3 refers to the next phase of the internet, which aims to create a decentralized online ecosystem that is not controlled by any single entity. It represents a shift away from current centralized platforms, which often monetize user data. Instead, Web3 promotes user ownership of data and internet assets, with blockchain technology playing a critical role in this vision. In this context, the Sigma Web3 Fund will invest in startups developing the technology and applications that will enable this transition.
Sigma Capital's decision to launch a fund dedicated to Web3 signals its belief in the transformative potential of decentralized technology. It also reflects the growing interest among investment firms in the opportunities presented by the blockchain and crypto space. As more investors recognize the potential of decentralized technology, early-stage startups in the field are set to benefit from increased funding and support.
Overall, the Sigma Web3 Fund represents a significant step forward in realizing the potential of the decentralized internet. By supporting startups that are working towards this goal, Sigma Capital is playing a crucial role in shaping the future of the digital world. With its focus on early-stage startups and its commitment to harnessing the power of Web3, the firm is well-positioned to contribute to the evolution of the internet and the broader digital landscape.