CMCC Global Raises $100M to Launch Hong Kong Web3 Fund

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

• 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. New York-based blockchain intelligence firm Chainalysis reportedly axed 150 employees this week, nearly a month after Binance.US announced cutting one-third of its workforce.
• “While negative news stories surrounding events like the FTX blow and the JPEX case dominate headlines, there are incredibly innovative companies quietly building the future of Web3 without much publicity,” Charlie Morris, CMCC co-founder told Forkast.
• “Our new Titan Fund looks to support these companies and we see it as a great time to be doubling down on our mission to accelerate innovation in blockchain technology and the digital asset ecosystem.”

​Source: Forkast