CMCC Global, a trailblazing venture capital firm with a unique focus on blockchain technology and Web3 innovation in Asia, unveiled its latest venture fund, Titan Fund, aimed at empowering entrepreneurs in the blockchain space.
This fund distinguishes itself by investing in the equity of blockchain companies rather than digital assets, concentrating on early-stage startup investments across Infrastructure, Fintech, and Consumer applications including gaming, metaverse, and NFTs.
The Titan Fund has successfully achieved its fundraising target of USD 100 million in its first close, attracting support from leading blockchain investors globally. Notably, the anchor investor is Block.one (B1), committing USD 50 million to the fund.
CMCC Global has a 15 percent GP commitment in the fund. Other influential investors include Richard Li’s Pacific Century Group, Jebsen Capital from Hong Kong, Winklevoss Capital, and individual investments from key innovators such as Yat Siu from Animoca Brands and other prominent blockchain entrepreneurs.
Brendan Blumer, founder of B1 and various prominent blockchain companies, acknowledged CMCC Global’s pivotal role in the industry, stating, “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. 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 steer the fund, CMCC Global brought on Yen Shiau Sin as the new managing partner, formerly the Director of Strategic Investments at B1. The Titan Fund also welcomed Investment Principal Jonathan Cheung, joining from Brevan Howard Digital. The fund is managed by Fintech Investment Group Limited, a Hong Kong-based subsidiary of CMCC Global, authorized by Hong Kong’s Securities and Futures Commission, with State Street as the fund administrator and EY as the auditor.
Martin Baumann, co-founder of CMCC Global, expressed enthusiasm about B1 as the anchor investor, stating, “B1 has been a pioneer in the digital asset space, and this strategic investment in the Titan Fund will further our mission to accelerate innovation in blockchain technology and the digital asset ecosystem.”
Furthermore, as part of this strategic investment, B1 will become a minority shareholder in CMCC Global’s holding entity, further cementing the partnership and strengthening the ecosystem for blockchain and Web3 innovations.