Morgan Creek Digital Targets $500 Million Fund for AI and Blockchain

Morgan Creek Digital, co founded by Anthony Pompliano, is on a mission to raise up to $500 million for a new fund focused on early-stage opportunities in artificial intelligence (AI), blockchain technologies, chips, and data. The company shared this ambitious plan in a press release on Friday.

Throughout Europe, the Middle East, and Africa (EMEA) and Asia-Pacific (APAC), the company interacts with institutional and sovereign investors, corporate officers, and industry specialists. Furthermore, Morgan Creek Digital is extending its reach to partners and investors situated in the United States in an effort to increase its regional impact.

The venture capital firm believes that EMEA and APAC regions will become pivotal in the tech industry’s future, particularly by ramping up investments in AI and blockchain. Mark Yusko, General Partner at Morgan Creek Digital, stated, “With the global reach of Web3, MCD will be spending more time in international markets looking to connect with the best CEOs and partners.”

Investing in the “ABCDs” of Web3

The new fund will focus on the “ABCDs” of Web3: AI, blockchain technology, chips, and data. Morgan Creek Digital aims to invest in companies that combine these technologies to create value from data. The firm prefers sectors with overlapping technologies, such as high-performance chips for AI training in data centers or bitcoin mining.

The company notes that APAC countries are expected to nearly triple their investment in generative AI to $3.4 billion by 2024. Meanwhile, EMEA digital budgets for AI are predicted to grow by 40%, potentially adding $30 billion in new net investment by 2025. Yusko highlighted the region’s potential, saying, “In particular, the Middle East is going through a renaissance of new cutting-edge technology.”

Since its inception in 2018, Morgan Creek Digital has raised over $440 million and holds around 80 equity positions. The firm’s latest fundraising effort aims to capitalize on the growing global interest in AI and blockchain technologies.