CMCC Global, a pioneering venture capital firm specializing in blockchain technology and Web3 innovation in the Asian region, has introduced its latest initiative, the Titan Fund. This new fund is designed to bolster entrepreneurs operating within the blockchain sector. Notably, the Titan Fund sets itself apart by directing its investments toward the equity of blockchain companies rather than digital assets. It concentrates on early-stage startup investments across a spectrum of sectors, including Infrastructure, Fintech, and Consumer applications, encompassing gaming, metaverse, and NFTs.
The Titan Fund has achieved a significant milestone by successfully reaching its fundraising target of USD 100 million during its first close. This accomplishment has garnered substantial support from prominent blockchain investors on a global scale. Noteworthy among these supporters is Block.one (B1), which has pledged USD 50 million to the fund.
Venture Capital Firm Raises USD 100 Million in First Close, With Block.one as Anchor Investor
In conjunction with its launch, CMCC Global has displayed a robust commitment of 15 percent in the fund as a General Partner (GP). The roster of influential investors also features entities such as Richard Li’s Pacific Century Group, Jebsen Capital from Hong Kong, Winklevoss Capital, and individual contributions from notable innovators like Yat Siu from Animoca Brands and other distinguished figures within the blockchain domain.
Brendan Blumer, the founder of B1 and a key figure in various prominent blockchain companies, acknowledged CMCC Global’s pivotal role within the industry. He commented, “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 oversee the operations of the fund, CMCC Global has appointed Yen Shiau Sin as the new managing partner. Yen Shiau Sin previously held the position of Director of Strategic Investments at B1, bringing a wealth of experience to the Titan Fund. Furthermore, the fund has welcomed Jonathan Cheung as Investment Principal, who joins from Brevan Howard Digital. The day-to-day management of the fund will be undertaken by Fintech Investment Group Limited, a subsidiary of CMCC Global based in Hong Kong, which is authorized by the Securities and Futures Commission of Hong Kong. State Street will serve as the fund administrator, with EY acting as the auditor.
Martin Baumann, co-founder of CMCC Global, expressed his enthusiasm regarding B1’s involvement as the anchor investor. He stated, “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.”
Additionally, as a part of this strategic investment, B1 will take on the role of a minority shareholder in CMCC Global’s holding entity. This development solidifies the partnership between the two entities and reinforces the ecosystem supporting blockchain and Web3 innovations.
In Summary
CMCC Global, a renowned venture capital firm with a focus on blockchain technology and Web3 innovation in Asia, has launched the Titan Fund. This fund, which has successfully reached its initial fundraising target of USD 100 million, distinguishes itself by investing in the equity of blockchain companies. It attracted substantial support from leading blockchain investors worldwide, with Block.one (B1) as the anchor investor, committing USD 50 million. CMCC Global has demonstrated a significant GP commitment of 15 percent in the fund and enlisted influential investors such as Richard Li’s Pacific Century Group, Jebsen Capital, Winklevoss Capital, and key blockchain innovators.
The Titan Fund’s operations are overseen by a seasoned team, including Yen Shiau Sin as managing partner and Jonathan Cheung as Investment Principal. Fintech Investment Group Limited manages the fund, authorized by Hong Kong’s Securities and Futures Commission, with State Street and EY handling administrative and auditing responsibilities. The involvement of B1 as a strategic investor extends to becoming a minority shareholder in CMCC Global’s holding entity, further enhancing the collaboration between the two entities and bolstering the ecosystem for blockchain and Web3 innovations.
