CMCC Global raised USD100m to launch a new venture capital fund that will empower entrepreneurs in Hong Kong and beyond to build innovative Web3 companies.
The Titan Fund was supported by anchor investor Block.one (B1), which committed USD50m, CMCC Global with a 15% GP commitment, 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.
The fund, which invests into the equity of blockchain companies as opposed to digital assets, will focus on early-stage startup investments across 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. 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 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 strategic 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.
FinSMEs
05/10/2023