CMCC Global Rolls Out $100M Fund Focused on Web3 Industry
CMCC Global Asset Management, a venture capital firm based in Hong Kong, has recently launched a new fund focused on Web3 infrastructure.
The South China Morning Post reports that notable investors such as Winklevoss Capital and Jebsen Capital have joined in backing this fund.
The Titan Fund will primarily invest in early-stage blockchain startups with a specific focus on five areas: infrastructure, gaming services, NFT platforms, financial applications and exchanges, wallets, and crypto lending.
Other well-known participants in this fund include Block.one, Pacific Century Group, and Yat Siu, the founder of Animoca Brands.
Co-founder of CMCC Global, Martin Baumann, pointed out that two of the five investment targets are based in Hong Kong. He believes that as the city continues to embrace Web3 technology, there will be a rise in the number of entrepreneurs starting companies in this field.
Yen Shiau Sin, a managing partner at the Titan Fund, believes that Asian firms will benefit from the current unfavorable state of the US crypto industry.
However, Baumann mentions that raising funds in today’s environment has proven to be extremely difficult.
