Oak Grove Ventures, a new venture capital firm, has raised $60 million for its first fund, according to a CoinDesk report. The fund will focus on Web3, artificial intelligence and biotechnology investments.

Singapore-based Oak Grove is notably launching a fund during a crypto bear market that has seen venture capital investments slow to a trickle. In a sign the market could be thawing, the Oak Grove announcement followed Blockchain Capital’s raise of $580 million across two new crypto funds.

Oak Grove’s founding team includes Sally Wang, an alum of crypto investment firm Sino Global Capital, Ethan Wang, the former tech lead of Facebook’s failed stablecoin Libra, Shawn Shi, co-founder of Alchemy Pay, and former Coinbase vice president Michael Li. Oak Grove Ventures previously operated as a family office and invested in over 30 early-stage projects. The firm said its investment portfolio includes eight funds and 14 portfolio projects, including SpaceX and Neuralink.