Hong Kong-based venture capital firm CMCC Global has successfully closed the first round of its new Titan Fund, securing $100 million in funding. The fund, focused on blockchain and Web3 innovation, aims to support early-stage companies in infrastructure, fintech, and consumer applications like gaming, metaverse, and non-fungible tokens (NFTs). The fund's investors include major players in the blockchain space, such as Block.one (B1), which committed $50 million and will become a minority shareholder in CMCC Global's holding entity.
The Titan Fund is managed by Fintech Investment Group, a subsidiary of CMCC Global, and has received support from notable investors like Richard Li's Pacific Century Group, Jebsen Capital, Winklevoss Capital, and individual investments from blockchain entrepreneurs like Yat Siu of Animoca Brands. The fund is set to play a crucial role in advancing Web3 innovation, particularly in Hong Kong and the broader Asian region.
CMCC Global's co-founder, Martin Baumann, emphasised the importance of Hong Kong as a hub for Web3 innovation, stating, "If Hong Kong continues on its route of embracing Web3, there will naturally be more and more entrepreneurs starting companies in that space, and we can be their first capital." This perspective aligns with the city's recent policy shift to embrace the blockchain industry, providing new opportunities for crypto firms. Despite recent challenges, including the collapse of JPEX, optimism remains high for the long-term prospects of the sector.
The fund, Titan Fund's fourth for CMCC Global, has a broad mandate but places a natural emphasis on Hong Kong due to the firm's attachment to the city. However, the fund aims to invest in the "best entrepreneurs globally." Baumann highlighted that the Titan Fund had already made investments in Mocaverse, an NFT project by Animoca Brands, and in Terminal 3, a Web3 data infrastructure start-up based in Hong Kong.
Yen Shiau Sin, managing partner of Titan Fund, noted the impact of regulatory developments in the U.S., stating that Asian firms are increasingly considering relocation and discussions with Titan Fund. Despite the positive outlook, fundraising in the current environment has been described as "super hard" by Baumann. The Titan Fund's success in raising $100 million stands out in a market where global venture capital investments in crypto firms saw a decline of 70.9% year-on-year in the second quarter of the current year.
The Titan Fund will focus its investments on blockchain infrastructure, consumer applications (gaming and NFTs), and financial services, excluding exchanges as the primary focus. Baumann stated, "There's enough exchanges in the world, I think, and they're well capitalised." The fund's strategic focus aligns with the broader trends in the blockchain industry, emphasising the importance of infrastructure, innovative consumer applications, and financial services.
CMCC Global's Titan Fund is set to play a pivotal role in accelerating Web3 innovation in Hong Kong and beyond. The involvement of major investors, including B1 and Richard Li's Pacific Century Group, reflects confidence in the fund's potential to support the next wave of Web3 and blockchain-powered fintech applications. The fund's diversified focus on key sectors within the blockchain space positions it to capture value in the growing Asian market, where a third of global blockchain deals currently originate.
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