Singapore-based Cake DeFi, a fintech platform that provides decentralized finance (DeFi) services and applications, has launched Cake DeFi Ventures (CDV), a new venture capital arm with US$100 million in earmarked capital.
Cake DeFi co-founders Julian Hosp (left) and U-Zyn Chua / Photo credit: Cake DeFi
CDV will invest in startups operating in the Web3, gaming, and fintech industries, with a special focus on those offering metaverse, non-fungible token (NFT), blockchain, and esports offerings over the next two years. Singapore-based CDV will explore investment opportunities in startups around the world.
The VC’s portfolio companies will also be able to leverage Cake DeFi’s connections and resources within the global blockchain industry.
CDV has also made its first investment after backing The Edge of Company, a US-based media and events startup that is building an NFT and Web3-focused community and ecosystem.
Cake DeFi co-founders Julian Hosp and U-Zyn Chua, along with newly appointed investment partner Nicholas Khoo, will spearhead the new VC arm. At the time of CDV’s launch, Cake DeFi was already in early to late-stage discussions with several startups across Southeast Asia, Europe, and the US, the company said in a statement.
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“As an extension of our multiple blockchains support and having built up an R&D arm with cryptography deep tech capability, investing in companies that bring synergies to Cake DeFi’s core business will allow us to enhance and broaden our Web3 offerings,” Chua added in a statement.
Editing by Miguel Cordon and Jaclyn Tiu
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