East Ventures Still Consider Investment For Web Company 3.0

East Ventures is still careful investing in web3 startups (photo: Unsplash)

JAKARTA - Web trend 3.0 is currently being loved by companies. Web 3.0 comes as an idea of a new type of internet service built using a decentralized blockchain, which is used by cryptocurrencies and non-exchangeable tokens (NFT).

As a leading pioneer and leading venture capital firm that is agnostic and focuses on Indonesia, East Ventures is still cautious in investing in Web 3.0 startups.

"There is still a lot of speculation, because technology is still quite new. The implementation of startups in this field is still a lot of challenges. We are still funding, and it is still in the early stages," said Roderick Purwana, Managing Partners East Ventures at the Open Book event on Monday, December 5, in Jakarta.

Roderick also said that the company is still studying Web 3.0 technology, which is currently a hype in people around the world.

"It's still new, we're still looking at how the future goes. Because this will have a lot to do with regulators. We still want to learn. Investment is yes, but compared to our other portfolios, investment in Web 3.0 startups is still very small and is still funding for the early stages," he said.

According to its website, East Ventures currently invests in several startups, including investment in Avium, a Web 3.0 startup that provides creators with the opportunity to create ideas, produce and have their intellectual property.

EV has also invested in AVarik Saga, Japan's first blockchain gaming game company in Southeast Asia. Then there's handicrafts, an integrated platform that offers future pop culture brands with a comprehensive supply chain of collectibles, as well as Fraction, a fintech start-up based in Hong Kong and Bangkok.