Blockchain-focused incubator and adviser PANONY has closed a Series A funding round backed by NGC Ventures, one of Asia’s largest crypto investment firms, putting the company on track to expand its portfolio and geographic presence.
Although the funding terms weren’t disclosed, the Series A gave PANONY a valuation of $100 million, the company reported Monday. The Hong Kong-based PANONY said it would use the funds to expand into other jurisdictions, launch new service offerings and expand its networking capabilities.
Founded in 2018 by Alyssa Tsai and Tongtong Bee, PANONY invests in blockchain- and Web3-focused startups and offers ongoing advisory and business support. The company maintains operations across Greater China, South Korea and the United States.
While PANONY didn’t disclose the types of companies it will back following its successful raise, Tsai, who serves as the firm’s CEO, identified nonfungible tokens, decentralized autonomous organizations and decentralized finance...
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