Hong Kong’s push towards blockchain enabled Web3 innovation received strong tailwind through a new fund that CMCC Global launched this week.
CMCC Global, one of Asia’s earliest venture capital investors “to entirely focus on blockchain technology and Web3 innovation, announced the launch of a venture fund that will empower entrepreneurs to build companies in the space.”
The fund, which invests “into the equity of blockchain companies as opposed to digital assets, is called Titan Fund and will focus on early-stage start-up investments along the three key verticals of Infrastructure, Fintech, and Consumer applications such as gaming, metaverse and NFTs.”
The Titan Fund has “reached its fundraising target of USD100m in the first close and is supported by a number of blockchain investors.”
The anchor investor “is Block.one (B1), which committed USD50m to the fund, CMCC Global itself participates with a 15% GP commitment, alongside notable investors such as Richard Li’s Pacific Century Group, Hong Kong’s Jebsen Capital, Winklevoss Capital, alongside personal investments from notable innovators such as Yat Siu from Animoca Brands and other prominent blockchain entrepreneurs.”
Brendan Blumer, founder of B1, Bullish and other notable blockchain companies, said:
“CMCC Global has been one of the earliest venture capital investors in the industry and their team has built a strong track record in identifying future winners. At B1, we have developed and innovated on blockchain software solutions, pioneered scaling solutions and incubated new technologies that build trust and increase efficiencies in Web3. The Titan Fund shares these goals and will support a new generation of entrepreneurs as they build the next wave of leading companies in our industry.”
To launch and run the fund, CMCC Global was joined “by a new managing partner, Yen Shiau Sin, who joined from his previous role as Director, Strategic Investments at B1. Prior to his role at B1, Yen ran a Fintech fund for CLSA and began his career in investment banking (M&A) at UBS in Hong Kong and New York.”
The team is further complemented “by Investment Principal Jonathan Cheung, who has joined the Titan Fund investment team from Brevan Howard Digital. CMCC Global’s Co-founders Charlie Morris and Martin Baumann are co-managing the fund and sit on the investment committee.”
The Titan Fund is an institutional grade fund “with State Street as the fund administrator and EY as the auditor.”
The fund is managed by Fintech Investment Group Limited, “a wholly owned Hong Kong based subsidiary of CMCC Global, which has been granted respective asset management licenses from Hong Kong’s Security and Futures Commission.”
As part of this investment, B1 will also become “a minority shareholder in CMCC Global’s holding entity which is backed by notable investors including Hong Kong tycoon Richard Li and Gemini Trust Co-founders Cameron and Tyler Winklevoss.”