In a Press releaseBinance announced the closing of a new $500 million investment fund through its venture capital and incubation arm, Binance Labs.

Binance said the fund is backed by top global institutional investors such as DST Global Partners and Breyer Capital. Other large private equity funds, family offices and corporations have also subscribed to the fund as limited partners.

The new fund will invest in projects that can expand use cases for cryptocurrencies and drive adoption of Web3 and blockchain technologies.

Speaking about the fund, ChangPeng Zhao, Founder and CEO of Binance, said:

“In a Web3 environment, the connection between values, people and economies is essential, and if these three elements come together to build an ecosystem, it will accelerate the mass adoption of blockchain technology and cryptography.

The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and lead Web3 across DeFi, NFT, games, Metaverse, social, and more.

– CEO, Binance

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SEE ALSO: Latest a16z Crypto Fund 4 Dedicates $1.5 Billion in Seed Investments for Crypto and Web3

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Since 2018, Binance Labs has invested in and incubated over 100 projects in over 25 countries. Its portfolio includes cutting-edge projects such as:

  • 1 inch
  • Audius
  • Axie Infinity
  • Dune analysis
  • Elrond
  • Injective
  • Polygon
  • Optimism
  • The sandbox, and
  • STAGE

Binance Labs invests in three different stages:

  • Incubation
  • Business in the start-up phase
  • Late growth

With incubation, Binance Labs aims to connect projects to Binance’s network of resources, experts, and mentors to help them drive successful product development and growth. Binance Labs regularly runs its incubation program and is currently supporting its fourth cohort.

Business in the start-up phase investments include token and equity investments across all cryptocurrency and web3 sectors, including infrastructure, DeFi, NFT, gaming, Metaverse, social and crypto platforms.

Late growth investments target more mature companies looking to scale or connect to the Web3 ecosystem with the Binance ecosystem as a strong strategic partner.

The $500 million investment fund is expected to be allocated to projects spanning all three stages.

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RECOMMENDED READING: Gamic Guild is the only African project out of 14 in the world – Season 4 of the Binance incubation program 2022

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