TON Ventures Launches $40M Fund to Fuel the Growth of Telegram Mini Apps

A new venture fund, TON Ventures, has been launched by a team of former senior developers from The Open Network (TON), the blockchain ecosystem favored by Telegram. Announced on Wednesday, this for-profit fund is equipped with $40 million, dedicated to fostering the development of the next wave of on-chain Telegram mini apps.

Leading the fund are Ian Wittkopp, who previously headed TON’s accelerator program, and Inal Kardan, former head of gaming at the TON Foundation. Their initial focus will be on early-stage projects, with investments capped at $500,000.

As the fund matures, TON Ventures plans to widen its scope, eventually supporting larger strategic investments aimed at helping protocols integrate into the TON and Telegram ecosystems.

TON Ventures is setting its sights on consumer-focused applications with broad appeal, particularly those that function within Telegram, which is now a dominant messaging platform boasting over 950 million monthly active users. Recently, the popularity of crypto-backed mini apps, especially gaming apps that offer rewards through airdrops, has surged, significantly boosting Telegram’s user base. While gaming has been a natural starting point for many Telegram mini app developers, the team at TON Ventures expects the ecosystem to diversify rapidly, embracing a broader array of applications.

Wittkopp drew parallels between the evolution of Telegram’s mini apps and those on WeChat, China’s comprehensive “everything app.” WeChat initially gained traction through enterprise apps and gaming, eventually expanding to include mobile shopping, practical tools, and lifestyle applications. Similarly, Telegram, with the support of blockchain technology, could evolve into the West’s first all-encompassing app, integrating services like online shopping, banking, and transportation under one platform. By enabling peer-to-peer transactions through Toncoin, TON’s native cryptocurrency, and USDT, Telegram is laying the groundwork for a fully-fledged digital economy within its platform. The success of play-to-earn games like Notcoin, Hamster Kombat, and Catizen demonstrates the viability of this approach, engaging users directly on their smartphones.

However, the real challenge lies in scaling Telegram’s mini app ecosystem to a mature, sustainable platform. To aid in this mission, TON Ventures will not only provide funding but also offer selected projects free advertising, media support, strategic partnerships, and opportunities for growth and traffic experiments within the TON ecosystem.

TON Ventures joins a growing list of initiatives aimed at leveraging the rapid success of Telegram mini app games to foster long-term growth. Notably, just last month, the creators of Notcoin launched an accelerator program to support the next generation of TON-based mini apps.