Southeast Asia Exponential Ventures, or SeaX, has now raised $60 million in an oversubscribed round to expand its investment in the blockchain and web3 sector, the company announced Monday in a press release.
The Thailand-based venture capital firm looks to invest in a wide range of technology firms, such as food-tech, biotech & life science, and blockchain and web3. SeaX raised funds from notable investors, including PTT OR International, Central Pattana PCL, Singha Ventures Corporation, Ramkhamhaeng Hospital PCL, MC Group PCL, The Vacharaphol, BCH Ventures, and more.
The company was originally targeting $50 million for the raise, but the round was oversubscribed. With the fresh funding, SeaX will make investments between $500,000 to $5 million in pre-seed, seed, and Series A rounds of tech startups. Dr. Supachai “Kid” Parchariyanon, the Founder and Managing Partner of SeaX Ventures, said:
“Southeast Asia is a region of 650 million people with a combined GDP of $3 trillion. We can help innovative startups from across the world grow exponentially in this large and dynamic area through our relationship with over 400 corporates.”
An increasing number of venture capital are investing in startups related to blockchain, crypto assets, and Web3. Per the latest data by Galaxy Digital, venture capitalists poured more than $33 billion into crypto and blockchain startups in 2021 alone. In total, crypto and blockchain startups received almost 5% of venture capital deployed in 2021.