Morgan Creek Digital, a venture capital firm, is planning to raise a substantial amount of funds for a new venture focused on web3 technologies. The company aims to raise up to $500 million for this new fund, with a special focus on early-stage opportunities in artificial intelligence (AI), blockchain technologies, chips, and data.
In a press release, Morgan Creek Digital announced its intention to expand its presence in Europe, the Middle East, Africa, and the Asia-Pacific regions. The firm is currently in discussions with sovereign and institutional investors, corporate executives, and industry experts in these regions, as well as with partners and investors based in the United States.
The company believes that the EMEA and APAC regions will play a significant role in shaping the future of technology, particularly through increased investments in AI and blockchain. Mark Yusko, General Partner at Morgan Creek Digital, emphasized the importance of global outreach in the Web3 era, stating that the firm will focus on connecting with top CEOs and partners in international markets.
The new fund will target companies that leverage the power of AI, blockchain technology, and chips to extract value from data. Morgan Creek Digital is particularly interested in technologies that span multiple sectors, such as high-performance chips used for AI training in data centers or for bitcoin mining.
According to the company, APAC countries are expected to significantly increase investment in generative AI, reaching $3.4 billion by 2024. Similarly, EMEA’s digital budgets for AI are projected to grow by 40%, potentially leading to $30 billion in new net investment by 2025. Yusko noted that the Middle East is experiencing a technological renaissance, making it an exciting region for investment.
Since its establishment in 2018, Morgan Creek Digital has raised more than $440 million and holds approximately 80 equity positions. The firm’s decision to raise $500 million for a new web3 fund reflects its confidence in the potential of AI and blockchain technologies, as well as its commitment to expanding its global reach in the evolving tech landscape.