HomeHong KongCMCC Global Holds $100M First Close of Web3 and Blockchain Fintech Fund

CMCC Global Holds $100M First Close of Web3 and Blockchain Fintech Fund

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Asian venture capital firm CMCC Global raised USD100m to launch The Titan Fund, new venture capital fund that will help entrepreneurs in Hong Kong and beyond to build innovative Web3 companies.

The anchor investor was Block.one (B1), which committed USD50m to the fund, followed by CMCC Global itself, which participated 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. As part of this strategic investment, B1 will also become a minority shareholder in CMCC Global’s holding entity which is backed by investors including Hong Kong tycoon Richard Li and Gemini Trust Co-founders Cameron and Tyler Winklevoss.

The Tital Fund will invest in early-stage startups advancing blockchain technology and Web3 project across three key verticals including Infrastructure, Fintech, and Consumer applications such as gaming, metaverse and NFTs.

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 Shiau Sin 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.

Commenting on the launch of the new vehicle, 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.

Martin Baumann, co-founder of CMCC Global, added: “We are excited to have B1 as the anchor investor in our Titan Fund. Having worked closely together for several years at various investment deals we have found tight alignment in our investment approach and numerous synergies through shared investments. B1 has been a pioneer in the digital asset space and this strategic investment in the Titan Fund will further our mission to accelerate innovation in blockchain technology and the digital asset ecosystem.

Cameron Winklevoss co-founder of Gemini, said: “The Titan Fund will empower great entrepreneurs to build the next wave of Web3 and blockchain powered fintech applications. The last five years have seen a set of new unicorn companies emerge, the next five to ten years will see this trend continue to accelerate as mainstream adoption of blockchain technology proliferates.

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.

VCWire

06/10/2023