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Hong Kong’s Web3-focused Titan Fund Launches with $100M in Initial Close

Hong Kong’s journey into blockchain and Web3 innovation has received a major boost with the launch of a new fund by CMCC Global. CMCC Global, a venture capital firm focused on blockchain and Web3 innovation, has announced the Titan Fund, which will support entrepreneurs in building companies in this space.

Unlike other funds that invest in digital assets, the Titan Fund will invest in the equity of blockchain companies. It will focus on early-stage startups in three key verticals: Infrastructure, Fintech, and Consumer applications such as gaming, metaverse, and NFTs.

The fund has already reached its initial fundraising target of $100 million and has the support of several blockchain investors. Block.one (B1) has been named as the anchor investor, committing $50 million to the fund. CMCC Global itself has a 15% GP commitment, and other notable investors include Richard Li’s Pacific Century Group, Jebsen Capital, and Winklevoss Capital.

Brendan Blumer, founder of B1, Bullish, and other well-known blockchain companies, praised CMCC Global’s track record in identifying successful blockchain ventures. He expressed his excitement about the Titan Fund’s goals of supporting the next generation of industry leaders.

To lead the fund, CMCC Global has brought in Yen Shiau Sin as a managing partner. Sin previously served as Director of Strategic Investments at B1 and has a background in fintech and investment banking. The fund’s investment team also includes Jonathan Cheung, who joined from Brevan Howard Digital. CMCC Global’s co-founders, Charlie Morris and Martin Baumann, are co-managing the fund and sit on the investment committee.

The institutional-grade fund is administered by State Street and audited by EY. It is managed by Fintech Investment Group Limited, a subsidiary of CMCC Global that holds asset management licenses from Hong Kong’s Security and Futures Commission.

As part of the investment, B1 will become a minority shareholder in CMCC Global’s holding entity, which counts notable investors such as Richard Li and the Winklevoss twins as backers. This strategic partnership further strengthens CMCC Global’s position in the blockchain and Web3 innovation space in Hong Kong.

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