True Global Ventures amasses $146m for follow-on fund

• New fund will primarily support TGV 4 Plus base fund companies
• Singapore-based firm focuses on Web3 investing
• Has a presence in 20 cities, 20 cities, including Hong Kong, Paris, Madrid and New York

True Global Ventures 4 Plus has held a first close on $146 million for its Follow On Fund, according to a press release.

Based in Singapore, TGV 4 Plus was founded in 2010. Investors in the new fund include entrepreneurs, business angels, family offices and institutional investors. TGV 4 Plus has 15 general partners who chipped in more than $62 million into the fund, the press release said.

“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,” the press release states.

According to PitchBook, TGV 4 Plus targets technologies, artificial intelligence, cryptocurrency/ blockchain, infrastructure and financial services sectors.

“The base fund has been a fantastic success, but we are still only in the starting blocks of Web3,” Fredrik Adolfsson, a general partner at TGV 4 Plus, said in a statement. “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.”

According to its website, TGV 4 Plus has a presence in 20 cities, including Singapore, Hong Kong, Taipei, Dubai, Abu Dhabi, Moscow, Stockholm, Paris, Madrid, Warsaw, New York, San Francisco, and Vancouver.