Morgan Creek Digital has unveiled plans to raise up to $500 million for a new Web3 fund aimed at early-stage opportunities in artificial intelligence (AI), blockchain technology, chips, and data. This ambitious move seeks to tap into the burgeoning technology sectors in Europe, the Middle East, Africa (EMEA), and the Asia-Pacific (APAC) regions.
Expanding Global Footprint
Morgan Creek Digital is actively engaging with sovereign and institutional investors, corporate officers, and industry experts in EMEA and APAC. The firm is also in discussions with U.S.-based investors and partners, emphasizing its commitment to a global expansion strategy. The venture capital firm believes that EMEA and APAC will be at the forefront of future technological advancements, particularly in AI and blockchain.
Focus on International Markets
“With the global reach of Web3, MCD will be spending more time in international markets looking to connect with the best CEOs and partners,” stated Mark Yusko, General Partner at Morgan Creek Digital. The new fund will concentrate on the “ABCDs” of Web3—AI, blockchain, chips, and data—investing in companies that leverage these technologies to unlock value from data. This includes sectors like high-performance chips used for AI training in data centers or bitcoin mining.
The company notes significant growth in AI and blockchain investments in the APAC and EMEA regions. APAC countries are projected to almost triple their investment in generative AI to $3.4 billion by 2024. Meanwhile, digital budgets for AI in EMEA are expected to grow by 40%, potentially adding $30 billion in new net investment by 2025.
Middle East’s Technological Renaissance
Yusko highlighted the Middle East’s transformation with new cutting-edge technology. This region’s innovative drive further underscores the potential for substantial returns on investments in AI and blockchain.
Since its inception in 2018, Morgan Creek Digital has raised over $440 million and holds approximately 80 equity positions. The firm’s strategic focus on early-stage technological opportunities aims to capitalize on the rapidly evolving landscape of Web3.
Morgan Creek Digital’s new fund represents a bold step toward fostering technological innovation globally. By targeting key regions and technologies, the firm aims to lead in the next wave of digital transformation.
