Gaming firm Wemade launches $100 million Web3 fund with Singapore-based Whampoa

South Korean video game company Wemade and Whampoa Digital — the technology investment sector of Singapore’s Whampoa Group — have collaborated to create a $100 million fund focused on Web3.

This partnership is expected to expand the digital asset industry’s reach, particularly in the Middle East, a rapidly growing region in the Web3 sector.

Wemade, best known for its Legend of Mir series, said its Web3 fund will support developers at Wemix Play Center located in Dubai.

“Both parties will engage in mutual deal and project referrals, particularly in the Web3 industry, and potentially co-invest in promising projects,” Wemade added.

“This partnership will allow us to pioneer new horizons in the digital asset industry beyond our already established sectors, as well as foster innovation in the Middle East, one of the world’s fastest-growing regions in the Web3 space,” Aureole Foong, senior partner of Whampoa Group, said in the statement.

Whampoa Group is a privately held investment firm owned by several established families in Asia, according to the statement. It has ties to the Lee families, related to Singapore’s founding prime minister and prominent business families.

In May, Whampoa Group announced it was setting up a digital bank in Bahrain — Singapore Gulf Bank — open to crypto clients. In August, the investment firm hired Ali Moosa from JP Morgan to oversee the digital bank’s expansion in the region.