CMCC Global, a Hong Kong-headquartered venture capital firm focused on blockchain and Web3 innovation, has launched a new fund that will invest in blockchain start-ups.
Titan Fund is seeking equity in early-stage companies in infrastructure, fintech, and consumer applications such as gaming, metaverse and non-fungible tokens (NFTs).
The fund has raised US$100 million at first close, with the support of major blockchain investors led by Block.one (B1), which has committed US$50 million. As part of its strategic investment, B1 will become a minority shareholder in CMCC Global's holding entity. CMCC Global itself is participating in the fund with a 15% general partner commitment.
Other notable investors are Richard Li's Pacific Century Group, Hong Kong's Jebsen Capital, Winklevoss Capital, as well as personal investments from Yat Siu of Animoca Brands and other prominent blockchain entrepreneurs.
The fund is managed by Fintech Investment Group, a wholly owned subsidiary of CMCC Global. Both hold asset management licences from Hong Kong's Securities and Futures Commission.
"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," says B1 founder Brendan Blumer. "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."
To launch and run the fund, CMCC Global is joined by a new managing partner, Yen Shiau Sin, director of strategic investments at B1. Prior to that, Yen ran a fintech fund for CLSA and began his career in investment banking (M&A) at UBS in Hong Kong and New York.
Also joining the fund’s investment team is Jonathan Cheung, from Brevan Howard Digital. CMCC Global co-founders Charlie Morris and Martin Baumann are co-managing the fund.
State Street serves as the fund administrator and EY as the auditor of the fund.