Hong Kong has rapidly emerged as a pivotal hub for blockchain innovation and Web3 development in Asia. Following the city's strategic declaration during the 2023 Hong Kong FinTech Week to become a global virtual asset and Web3 center, local venture capital firms have intensified their support for blockchain startups. With strong institutional backing, regulatory clarity, and deep financial expertise, Hong Kong-based crypto VCs are shaping the future of decentralized technologies.
This article explores 17 prominent Hong Kong-based venture capital firms actively investing in Web3, blockchain infrastructure, DeFi, NFTs, GameFi, and digital assets — highlighting their investment focus, notable portfolio companies, and strategic impact on the ecosystem.
Animoca Brands: Powering the Open Metaverse
Animoca Brands stands at the forefront of blockchain gaming and metaverse innovation. As a global leader in digital entertainment and gamification, the firm leverages NFTs and blockchain technology to advance digital ownership and open ecosystems.
With over 380 investments globally, Animoca Brands has backed major projects like Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), and Yield Guild Games. Over 60% of its 2022 investments were in blockchain games, reflecting its core focus on GameFi and user-owned economies.
👉 Discover how leading investors are shaping the future of digital ownership
The company’s vision centers on empowering players as true owners within virtual worlds — a foundational principle for the open metaverse. Its extensive portfolio also includes infrastructure plays such as Harmony, Alien Worlds, and Star Atlas, reinforcing its long-term commitment to decentralized ecosystems.
HashKey Group: Bridging Web2 and Web3
HashKey Capital is one of Asia’s most influential blockchain investment firms, managing over $1 billion in assets. As an early institutional investor in Ethereum, HashKey plays a pivotal role in connecting traditional finance with decentralized technologies.
The firm operates globally with offices in Hong Kong, Singapore, Japan, and the U.S., having invested in more than 500 companies across infrastructure, developer tools, and scalable Web3 applications. In January 2025, HashKey raised $500 million for its third fintech investment fund, backed by sovereign wealth funds, large enterprises, and family offices.
HashKey’s strategic mandate includes fostering regulatory-compliant innovation and building sustainable blockchain ecosystems through collaboration with entrepreneurs, regulators, and communities.
Kenetic Capital: Early-Stage Blockchain Visionaries
Founded by Jehan Chu in 2013, Kenetic Capital is a Hong Kong-based proprietary trading and venture firm focused on digital assets. With over 230 project investments, Kenetic has been an early backer of foundational blockchains including Ethereum, Solana, Algorand, Polkadot, and NEAR.
Beyond infrastructure, Kenetic actively supports NFT innovation — investing in platforms like Metakey, DoinGud, and CXIP Labs. Jehan Chu’s background at Sotheby’s gives the firm unique insight into digital art and collectibles markets.
Kenetic emphasizes long-term value creation in data, financial infrastructure, and enterprise blockchain solutions — positioning itself as a cornerstone player in Asia’s crypto evolution.
C Capital: From Real Estate to Blockchain Innovation
Launched in 2017 by Hong Kong tycoon Adrian Cheng, C Capital (formerly C Ventures) manages private equity, credit, and blockchain hedge funds. Its Blockchain Market Fund employs technical, fundamental, and on-chain analysis to deliver alpha in crypto markets.
C Capital has deployed capital into key players such as ConsenSys, Matrixport, RTFKT, and Animoca Brands. The firm plans to launch a $200 million blockchain-dedicated fund by end-2025, with an additional $300 million allocated to private equity and credit strategies.
Its cross-sector approach — blending consumer tech, real estate innovation, and digital assets — makes it a unique force in Hong Kong’s evolving Web3 landscape.
Everest Ventures Group (EVG): Building the Web3 Economy
EVG is the blockchain arm of Hong Kong’s Huifu Capital, functioning as both a venture investor and incubator. It focuses on fintech, DeFi, NFTs, GameFi, and metaverse ventures.
Portfolio highlights include The Sandbox, Flow, Kraken, and Animoca Brands. Recent investments span Tiny World (GameFi), Saga (decentralized gaming), and Matrix World (metaverse).
EVG doesn’t just fund startups — it builds them. The group develops internal ventures in GameFi and entertainment NFTs, demonstrating a hands-on approach to ecosystem growth.
Token Bay Capital: Bridging Institutional Expertise with Web3
Led by Lucy Gazmararian — formerly of PwC’s global crypto team and Goldman Sachs — Token Bay Capital brings deep financial services experience to early-stage blockchain investing.
The fund targets five verticals: infrastructure, financial services, DeFi, metaverse & NFTs, and social/e-commerce. Notable investments include Yuga Labs (BAYC), DWallet Labs, Shil.me, and Merkle Science.
With a professional investor base and rigorous due diligence framework, Token Bay exemplifies the institutionalization of crypto venture capital in Hong Kong.
👉 See how institutional capital is accelerating Web3 adoption
GBV Capital: Full-Stack Support for Web3 Builders
GBV Capital (Genesis Block Ventures) offers more than funding — it provides marketing, product strategy, and operational support to early-stage projects. Since 2020, it has invested in over 70 companies across Layer 2 protocols (Boba Network, zkLend), DeFi (Arch), and GameFi (Cantina Royale).
GBV also acquired OMG Network (now Synqa), underscoring its commitment to scaling solutions. Its hands-on model helps startups navigate technical and go-to-market challenges in competitive markets.
Other Key Players Shaping Hong Kong’s Web3 Future
Newman Capital
Backs disruptive tech with a $50 million Web3 fund. Investments include Polygon, Kraken, Dapper Labs, and traditional giants like SpaceX and Reddit.
Chiron Group
Focuses on DeFi and metaverse-NFT crossover projects. Launched a $50 million fund for Terra-based innovators before the chain’s collapse; now pivoting to resilient ecosystems.
MindWorks Capital
Early-stage VC active in Southeast Asia. Backed YGG SEA, Zipmex, and PARSIQ, focusing on scalable tech innovations.
Double Peak
Family office investing since 2017. Portfolio includes Immutable X, BreederDAO, and Hex Trust, with emphasis on bridging Chinese and global markets.
Amber Group
Wall Street-born digital asset platform with investments in NEAR Protocol, Stader Labs, and EthSign. Also a major market maker across 100+ trading venues.
IOSG Ventures
Pioneer investor in Polkadot and Cosmos. Focuses on breakthrough innovation across DeFi (1inch.exchange) and infrastructure (Mina Protocol).
CyberPort
Government-backed innovation hub housing 1,900+ tech firms. Runs seed funds (CMF, CCMF) and launched “Web3 Hub@Cyberport” to attract global founders.
Cultur3 Capital
Believes in tokens as incentives and DAOs as the future of business. Backed Sky Mavis (Axie Infinity), KnownOrigin, and Coordinape.
Cell Rising Capital
Primarily AI-focused but invested early in Hex Trust, Animoca Brands, and Archax before exiting.
QBN Capital
Invests in CeFi/DeFi security layers. Led Hex Trust’s Series A; also backed HKbitEX and CryptoFinanceAG.
Frequently Asked Questions (FAQ)
Q: Why is Hong Kong becoming a major Web3 hub?
A: Thanks to clear regulatory frameworks, government support (e.g., CyberPort initiatives), access to institutional capital, and proximity to mainland China’s tech talent pool, Hong Kong offers a stable yet innovative environment for blockchain growth.
Q: Which sectors do Hong Kong VCs focus on most?
A: The dominant investment themes are blockchain infrastructure, DeFi, GameFi, NFTs, digital asset custody, and cross-chain technologies — with increasing interest in AI-blockchain convergence.
Q: Are these funds open to retail investors?
A: Most are limited to professional or accredited investors due to compliance requirements. However, some participate in public token sales or partner with platforms offering wider access.
Q: How do Hong Kong VCs differ from those in Singapore or the U.S.?
A: They blend Western financial rigor with Asian market insights, often acting as bridges between East and West. Many emphasize regulatory alignment while supporting radical technological innovation.
Q: What role does government policy play?
A: The 2023 FinTech Week announcement catalyzed institutional confidence. Initiatives like licensing frameworks for exchanges and tax incentives have made Hong Kong increasingly attractive for Web3 ventures.
Q: Is now a good time to raise funding from Hong Kong VCs?
A: Yes — with renewed momentum in 2025 and growing appetite for scalable Web3 applications beyond speculation, well-built projects with clear use cases are seeing strong interest.
👉 Start your Web3 journey with tools trusted by top investors