Revving Up the Future: Whampoa Group Targets $100 Million to Power Web3 Startups
Ever heard of a “utopian internet” where you own your own website instead of feeding your boss’s ad revenue? That’s the Web3 world that Whampoa Group’s new digital arm, Whampoa Digital, is aiming to build, and they’re pulling out a hefty $100 million (about S$140 million) to make it happen.
What’s Web3 Anyway?
- It’s the next‑gen version of the web where decentralised networks let users own and control their data.
- Think blockchain‑based apps, cryptocurrencies, stablecoins, and non‑fungible tokens (NFTs).
- In short, it’s a fair‑er, more democratic internet.
Why Whampoa Is Jumping In
Shawn Chan, CEO of Whampoa Group, told Reuters that there’s “great conviction” in the space. He says the fund will widen the firm’s reach in Web3 and spark a wave of early‑stage ventures that need both equity and token support for mass adoption.
„This isn’t just another tech fund. It’s a launch pad for the next big thing.“
Who’s Pumping Money Into It?
- Chinese tech giants and Asian business houses have already voiced strong interest.
- Whampoa Digital plans to start with this initial tranche and scale as momentum builds.
- Funding will target ventures that help people send money or explore entertainment on the new internet.
Past Adventures of Whampoa Group
With a portfolio of about 200 companies—ranging from ByteDance to a Binance‑backed fund—Whampoa has a history of backing disruptive ideas. This time they’re shifting focus toward crypto‑powered ecosystems.
Why Southeast Asia?
Chan points to the region’s youthful demographics and high internet penetration as fertile ground for Web3. “It’s the perfect playground where we can let the internet be in everyone’s hands,” he says.
Fun Fact
Whampoa’s co‑founders aren’t just finance whizzes; one is Amy Lee, an alum of a Singapore law firm whose roots trace back to the Lee family that built the nation’s first prime minister’s legacy. The other, Lee Han Shih, hails from a family that co‑founded OCBC bank.
In a nutshell: Whampoa Group is betting big on Web3, investing $100 million to turn the impossible idea of “users owning their internet” into real, juicy startups. Let’s see how many of us get to own a piece of the future—without a broker’s cut!
