Ubisoft backs White Star Capital’s $120 million crypto fund

Ubisoft, the France-based gaming giant that gave the world Assassin’s Creed and Far Cry, has invested in White Star Capital’s second Digital Asset Fund.

White Star Capital, which raised $50 million in the first installment of a similar fund in 2020, wants to use the new fund to support metaverse-focused projects.

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White Star expects to raise $120 million for its DAF II, with Ubisoft as the anchor investor, the New York-based company said in an announcement. Per the report, the second fund has so far secured $60 million from investors.

The Digital Asset Fund is a vehicle through which White Star Capital’s team finds strategic investment opportunities in the crypto and blockchain sector. Using a “research-driven approach”, the team identifies which projects to invest in, including in seed and token rounds.

White Star plans to invest $1million to $7 million in each project using the new fund. In total, the company expects to back 20-25 crypto startups spread across North America, Europe and Asia. These will add to the 20 companies supported so far, including ALEX, Exclusible, Haruko, Ledn, and Paraswap.