From left: CMCC’s Martin Baumann, Charlie Morris, and Shiau Sin Yen / Photo credit: CMCC Global
CMCC Global, a Hong Kong-based VC firm, has raised US$100 million in the first close of its new venture fund, which will focus on startups in the blockchain space.
The Titan Fund will target early-stage startups in three areas: infrastructure, fintech, and consumer applications such as gaming, metaverse, and NFTs.
The fund’s anchor investor is Block.one (B1), which contributed US$50 million to the raise. B1 focuses on creating and improving blockchain software solutions as well as supporting new tech that enhances trust and efficiency in Web3.
As part of this investment, B1 will own a minority stake in CMCC Global’s holding entity, which is supported by investors such as billionaire Richard Li and Gemini Trust co-founders Cameron and Tyler Winklevoss.
Other investors in the Titan Fund include Pacific Century Group, Jebsen Capital, and Winklevoss Capital. The fund also received individual investments from blockchain entrepreneurs such as Yat Siu from Animoca Brands.
To oversee the fund, CMCC Global hired a new managing partner, Yen Shiau Sin, who previously led strategic investments at B1. Titan Fund’s team also includes principal Jonathan Cheung, who previously worked at alternative investment management firm Brevan Howard.
See also: Token2049: Recklessness applauded, regulation shunned
Editing by Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
