CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

Time Stamp: October 5, 2023 3:29 AM
Source Node: 2918000

CMCC Global, a Hong Kong-based blockchain-focused venture capital fund, announced Wednesday that it raised US$100 million to launch the “Titan Fund.”

See related article: SFC to monitor illegal VATP activities with Hong Kong Police Force

Fast Facts

  • CMCC’s new Titan Fund will invest in early-stage blockchain startups along the verticals of infrastructure, fintech and consumer applications such as gaming, metaverse and NFTs.
  • The fund’s anchor investor was software firm Block.one, which committed US$50 million, while CMCC participated in the raise with a 15% general partner commitment. Other notable investors include the Winklevoss Capital, Animoca Brands, Richard Li’s Pacific Century Group, and personal investments from notable figures like Yat Siu.
  • “The Titan Fund will accelerate Web3 innovation in Hong Kong and beyond. CMCC Global and their team are known to be conviction-driven investors that have identified numerous breakthrough innovators early on,” said Siu, the chairman of Animoca Brands, who received one of the first investments from CMCC via a warehouse deal into his Mocaverse project.
  • The fund’s launch and operations will be led by Yen Shiau Sin, CMCC’s new managing partner, who previously served as director of strategic investments at Block.one.
  • Bitcoin is 59% below its all-time high of US$68,875 and the economic downturn has been causing hardships for many crypto firms. Blockchain intelligence firm Chainalysis reportedly axed 150 employees on this week, nearly a month after Binance.US announced cutting one-third of its workforce.

See related article: Valkyrie CIO expects US spot Bitcoin ETF approval in Q2 2024

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