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White Star Capital raises $120 million for the Web3 investment fund, backed by Ubisoft

The Ubisoft logo is seen in Los Angeles, California, U.S., June 11, 2019.

White Star Capital, a tech venture capital firm, has raised $120 million for its second Digital Asset Fund (DAF II), which will invest in crypto networks as well as early-stage blockchain and Web3 enterprises.

The fund is principally supported by Ubisoft, the video game publisher, and will focus on decentralized finance (DeFi) and gaming. It plans to invest up to $7 million in each of 20-25 businesses in North America, Europe, and Asia.

With the company's growing focus on DeFi, Web3, and blockchain-based technologies, it's likely that it'll start to support enterprises who use or build Metaverse solutions.