CMCC Global Raises $100m for Blockchain Venture Fund

Hong Kong-based CMCC Global has successfully raised $100m for the launch of a new venture capital fund. The fund, dubbed the Titan Fund, will support entrepreneurs in Hong Kong and beyond in the creation of innovative Web3 companies.

Aiding Web3 and Blockchain Innovation

The move is a significant boost for Hong Kong’s drive towards fintech and Web3 innovation, enabled by blockchain technology. CMCC Global is one of the earliest venture capital investors in Asia to focus solely on blockchain technology and Web3 innovation. The Titan Fund will invest in equity of blockchain companies, rather than digital assets, and will concentrate on early-stage start-ups in the areas of infrastructure, fintech, and consumer applications, including gaming, metaverse, and NFTs.

Titan Fund Achieves Fundraising Target

The Titan Fund has already hit its fundraising target of $100m in the first close, with support from leading global blockchain investors. One of the main investors is Block.one (B1), which committed $50m to the fund. Other notable investors include Pacific Century Group, Jebsen Capital, and Winklevoss Capital, as well as personal investments from prominent blockchain entrepreneurs.

New Teams and Partnerships

Yen Shiau Sin, previously Director of Strategic Investments at B1, joined CMCC Global as a new managing partner to launch and operate the fund. Investment Principal Jonathan Cheung, formerly of Brevan Howard Digital, has also joined the Titan Fund investment team. The fund is co-managed by CMCC Global’s co-founders, Charlie Morris and Martin Baumann.

Anticipating a Web3 Boom

The launch of the Titan Fund comes amid expectations of a surge in consumer adoption of Web3 applications in Asia, facilitated by high internet penetration and a substantial unbanked population. Already, a third of global blockchain deals originate from Asia, and this is expected to increase. The Titan Fund aims to capture this growing value in the region.

About CMCC Global and Titan Fund

CMCC Global is one of Asia’s first venture capital companies with a sole focus on blockchain and Web3 investments, managing over $500m across its funds. The Titan Fund will offer accredited investors opportunities for growth within the blockchain ecosystem via traditional equity venture capital investment. Its focus will be on seed to series A/B investments across key verticals.