Hong Kong based Web3 and blockchain fintech fund launches with USD100m in first close.
CMCC Global, a venture capital firm specializing in blockchain technology and Web3 innovation, has announced the launch of a new fund called Titan Fund. The fund, which has already raised USD100 million in its first close, aims to empower entrepreneurs in Hong Kong and beyond to build innovative Web3 companies.
Unlike many other blockchain-focused funds, Titan Fund will invest in the equity of blockchain companies rather than digital assets. It will focus on early-stage start-ups in the sectors of Infrastructure, Fintech, and Consumer applications, including gaming, metaverse, and NFTs.
The fund has attracted support from leading blockchain investors, with Block.one (B1) serving as the anchor investor, committing USD50 million. Notable investors include Richard Li’s Pacific Century Group, Hong Kong’s Jebsen Capital, Winklevoss Capital, and prominent blockchain entrepreneurs like Yat Siu from Animoca Brands.
Brendan Blumer, founder of B1 and other notable blockchain companies, praised CMCC Global for its track record in identifying future winners. He stated that the Titan Fund shares their goals of building trust and increasing efficiencies in Web3 technologies.
To run the fund, CMCC Global has brought on Yen Shiau Sin as a managing partner, who previously served as Director of Strategic Investments at B1. The team is further strengthened by Investment Principal Jonathan Cheung, who joined from Brevan Howard Digital.
CMCC Global’s Co-founders, Charlie Morris and Martin Baumann, will co-manage the fund and sit on the investment committee. The fund is being administered by State Street and audited by EY. Fintech Investment Group Limited, a subsidiary of CMCC Global, is responsible for managing the fund.
Martin Baumann expressed excitement about the anchor investment from B1, stating that their close collaboration over the years has resulted in alignment and shared investments. He believes that B1’s strategic investment in the Titan Fund will accelerate innovation in blockchain technology and the digital asset ecosystem.
As part of the deal, B1 will become a minority shareholder in CMCC Global’s holding entity, which also has backing from notable investors like Richard Li and the Winklevoss twins.
The launch of the Titan Fund marks a significant step forward for Web3 innovation in Hong Kong and beyond. Yat Siu, founder of Animoca Brands, commended CMCC Global for its conviction-driven investment approach and stated that the fund will empower entrepreneurs to build the next wave of Web3 and blockchain-powered fintech applications.
Cameron Winklevoss, co-founder of Gemini, believes that the next five to ten years will see an acceleration in the mainstream adoption of blockchain technology and the emergence of more unicorn companies. With its focus on Asia, the Titan Fund is well-positioned to capture value in the region.
CMCC Global is recognized for its early investments in leading blockchain projects such as Ethereum, Solana, and Cosmos. The firm currently manages over USD500 million in assets across various funds and operates offices in Asia, North America, and Europe.
