CMCC Global, a VC firm focused on cryptocurrencies and based in Hong Kong, has achieved a significant milestone by raising $100 million for its new Titan Fund. This fund aims to back Asian blockchain startups, particularly those in Hong Kong. The timing here is important. In fact, the initiative is taking place amidst a funding crunch experienced by the crypto sector due to collapses in the past year.
The Titan Fund stands out by focusing on early-stage blockchain startups in various sectors. These include blockchain infrastructure, consumer applications like gaming and non-fungible tokens (NFTs), and financial services encompassing exchanges, wallets, and lending platforms. This fund emphasizes equity investments in blockchain companies rather than digital assets.
Several significant investors participated in this fund. Block.one, for instance, has pledged $50 million. Well-known entities like Richard Li's Pacific Century Group, Winklevoss Capital, Jebsen Capital, and Animoca Brands founder Yat Siu also contributed. The initiative gained traction with over 30 investors contributing to the first round of $100 million.
While Hong Kong has witnessed an exodus of crypto companies due to regulatory uncertainties, CMCC Global sees the city's potential, especially if it embraces Web3 technologies. The recent policy shift by Hong Kong towards embracing the industry has already shown promising signs, attracting new businesses and encouraging existing ones to settle in Hong Kong.
The Titan Fund, with its flexible investment approach and a keen eye on Hong Kong's evolving crypto landscape, intends to be a driving force in nurturing the next wave of Web3 and blockchain-based fintech businesses.