PANONY, a leading web3-focused media, and consultancy company, today announced that it has raised a Series A funding of an undisclosed amount led by world-renowned crypto fund NGC Ventures.
The round of funding will put the Company’s valuation at $100 million. The funds will be used to expand into other jurisdictions, launch new service offerings and expand its networking capabilities.
The funding came after the end of a memorable year for the blockchain and crypto industry.
Not only did worldwide crypto adoption surge over 800%, important milestones including the listing of Coinbase and the approval of the first Bitcoin futures ETF were witnessed and concepts such as NFT, DAO, the metaverse, and the Web 3.0 started bringing awareness about the technology to the mainstream.
Riding on this tide, the company, co-founded by Forbes 30 Under 30 honorees in the “Media, Marketing & Advertising” category, has taken a quantum leap in its growth last year.
The startup quadrupled the number of companies and projects its consulting business serves or incubates worldwide to over 100 in merely the third year of its operation.
Another important arm of PANONY, an award-winning media platform PANews also had a stellar performance, among them becoming an official news source of Tencent News, which demonstrated its increasing influence in China’s mainstream media sector.
With an updated website and app, PANews also assembled one of the largest reader communities in the sector in China and South Korea, the two major markets that PANONY operates in besides Hong Kong and the US.
The journey was not without treacherous currents. PANONY’s adventurous team, extensive Asia-focused expertise, and acute adaptability contributed to its growth and attracted the attention of investors.
“We are delighted to lead this round of investment and deepen our cooperation with Panony after years of collaboration.” Panony’s deep experience in advising startups on marketing strategy, as well as excellent on-the-ground execution will be a great asset to NGC Ventures’ portfolio. The strategic investment also shows the commitment of NGC Ventures in offering the best support for our current and future portfolio companies.”
Tony Gu, Founding Partner of NGC Ventures commented
The picture was completely different when PANONY entered the scene in April 2018.
As one of the earliest blockchain-focused media and consultancy companies of its kind in Asia, PANONY informed and educated enthusiasts, c-suites, and entrepreneurs with much-needed, timely global news and original data-driven journalism and advised ambitious companies venturing into blockchain on market and growth strategies.
But Alyssa Tsai, Founder, and CEO of the company believe that the market is still nascent, with many gaps to be filled.
“We are at an exciting stage in the blockchain and the broader internet world where innovative ideas are busting out everywhere, integrating new concepts and tools such as NFT, DAO, and decentralized finance.”
“As the sector evolves, we see a more pressing need for professional and insightful service providers who can adapt quickly to the evolving landscape while upending traditional marketing and consultancy along the way. PANONY has held a mission to accelerate the mass adoption of emerging technologies since its inception. We are proud and excited to receive this funding to fuel our further growth”, she said.
PANONY has a team of over 45 members, and its investors include Continue Capital and Big Candle Capital.
Founded in April 2018, with operations in Greater China, South Korea, and the U.S., PANONY is an advisor, incubator, and investor for blockchain and Web 3.0 businesses.
PANONY assists worldwide startups and Fortune 500 companies with effective go-to-market and growth strategies.
It also operates an award-winning blockchain and fintech-focused media platform PANews, which produces original content with actionable insights for industry professionals.
The founders of PANONY are Forbes 30 Under 30 2020 edition honorees.
About NGC Ventures
NGC Ventures is one of the largest institutions in crypto investment in Asia with global portfolios. Established in 2018, the fund is an early investor in many crypto projects, such as Polkadot, Solana, and Avalanche.
It also just launched its metaverse fund focusing on blockchain technology, metaverse, and gaming infrastructure.
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