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CMCC Global Raises $100M for Hong Kong-Based Blockchain Companies
The lead investor in the fund was B1, which committed $50 million, alongside Richard Li’s Pacific Century Group, Tyler and Cameron Winklevoss’ firm and Animoca Brands founder Yat Siu.
Updated Oct 4, 2023, 3:27 p.m. Published Oct 4, 2023, 3:27 p.m.
Blockchain-focused venture capital firm CMCC Global has raised $100 million for a new fund that will invest in Hong Kong-based Web3 companies.
The Titan Fund, as it is called, will make early-stage investments in companies across Web3 sectors such as gaming, the metaverse and non-fungible tokens (NFTs), according to an emailed announcement on Wednesday. State Street will serve as the fund’s administrator and EY as its auditor.
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The lead investor in the fund was Block.one (B1), which committed $50 million, alongside Richard Li’s Pacific Century Group, Winklevoss Capital (Tyler and Cameron Winklevoss’ firm) and Animoca Brands founder Yat Siu. B1 will also become a minority shareholder in CMCC Global’s holding entity.
Hong Kong has re-established itself as a crypto hub following the creation of a new regulatory regime which came into effect in June, making it an attractive destination for investment from the major VC players in the broader blockchain industry.
Read More: Chainalysis: Hong Kong and China’s OTC Markets Remain Active Despite Crypto Winter
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