Morgan Creek Digital raises $500 million for new Web3 fund

Morgan Creek Digital plans to raise up to 500 million USD for a new venture capital fund, focusing on web3, AI and blockchain technology.

Morgan Creek Digital plans to raise up to $500 million for a new fund focused on early-stage opportunities in the fields of artificial intelligence (AI), blockchain technology, chips and data.

Morgan Creek Digital is the cryptocurrency investment arm of hedge fund Morgan Creek Capital, which is managing billions of dollars. The company has raised more than $440 million since its founding in 2018 and currently holds about 80 equity positions.

The company said it is in talks with institutional investors and industry veterans in Europe, the Middle East, Africa (EMEA) and Asia-Pacific (APAC) as it seeks to expand its presence. presence in these areas.

The venture capital firm believes that the EMEA and APAC regions will lead the future of technology as these countries increasingly invest in AI and blockchain.

Morgan Creek Digital General Manager Mark Yusko shared in the press release:

“With Web3's global reach, Morgan Creek Digital will spend more time in international markets looking to connect with the best CEOs and partners."

It is known that the new fund will invest in Web3 advancements, in companies that seek to combine the power of AI, blockchain technology and chips to leverage value from big data. Their investment appetite is for technology that overlaps across sectors, such as high-performance chips used for AI mining in data centers or for Bitcoin mining.

According to Morgan Creek Digital, APAC is expected to nearly triple the value of investments in generative AI, to $3.4 billion by 2024. Meanwhile, EMEA's AI budget is expected to grow 40%, potentially adding another $30 billion in net new investments in 2025.

The general director emphasized the potential of the Middle East region:

“The Middle East, in particular, is experiencing a renaissance of new cutting-edge technology.”

The Middle East is a rising name in the cryptocurrency market. In addition to the abundant capital available for investment, policies to encourage and attract blockchain companies and talent are also applied by countries in the region.

Therefore, it is no wonder that more and more crypto projects consider the Middle East as a new destination. Recently, Animoca Brands intended to continue its dream of IPO in Hong Kong or the Middle East, 4 years after its release and was delisted on the Australian Stock Exchange due to violating many rules.