CMCC Global, a Hong Kong based Web3 and blockchain fintech fund, has launched a $100 million new venture capital fund that will empower entrepreneurs in Hong Kong and beyond to build innovative Web3 companies.

CMCC Global said in a statement on Wednesday that the fund, which invests into the equity of blockchain companies as opposed to digital assets, is called Titan Fund.

It said the fund will focus on early-stage start-up investments along the three key verticals of infrastructure, fintech, and consumer applications such as gaming, metaverse and non-fungible tokens (NFTs).

It is noted that the Titan Fund has reached its fundraising target of $100 million in the first close and is supported by a number of world leading blockchain investors.

The anchor investor is (B1), which committed $50 million to the fund. CMCC Global itself participates the fund with a 15 percent general partner commitment.

This was alongside notable investors such as Richard Li’s Pacific Century Group, Hong Kong’s Jebsen Capital, Winklevoss Capital, alongside personal investments from notable innovators such as Yat Siu from Animoca Brands and other prominent blockchain entrepreneurs.

As part of this strategic investment, B1 will also become a minority shareholder in CMCC Global’s holding entity which is backed by notable investors including Hong Kong tycoon Richard Li and Gemini Trust Co-founders Cameron and Tyler Winklevoss.

“Having worked closely together for several years at various investment deals we have found tight alignment in our investment approach and numerous synergies through shared investments,

“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,” said Martin Baumann, Co-Founder of CMCC Global.

Meanwhile, CMCC Global Co-Founder Charlie Morris said that with extremely high internet penetration and a relatively large unbanked population, Asia is primed to experience an explosion in consumer adoption of Web3 applications.

“Already, a third of global blockchain deals originate out of Asia today and this is a growing trend. Our Titan Fund is well positioned to capture value in the region,” he added.

To launch and run the fund, CMCC Global was joined by a new managing partner, Yen Shiau Sin, who joined from his previous role as Director, Strategic Investments at B1.

Prior to his role at B1, Yen ran a Fintech fund for CLSA and began his career in investment banking (M&A) at UBS in Hong Kong and New York.

The team is further complemented by Investment Principal Jonathan Cheung, who has joined the Titan Fund investment team from Brevan Howard Digital.

Charlie Morris and Martin Baumann are co-managing the fund and sit on the investment committee.

“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,” said Brendan Blumer, Founder of B1.

“At B1, we have developed and innovated on blockchain software solutions, pioneered scaling solutions and incubated new technologies that build trust and increase efficiencies in Web3,

“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,” he added.

Daniel Wong, who oversees the investment into CMCC Global’s holding entity for Pacific Century Group, said that having B1 joining CMCC Global’s holding company as part of this transaction will be a valuable addition to the cap table and will unlock strategic potential for both companies down the road.

According to the statement, the Titan Fund is an institutional grade fund with State Street as the fund administrator and EY as the auditor.

The fund is managed by Fintech Investment Group Limited, a wholly owned Hong Kong based subsidiary of CMCC Global, which has been granted respective asset management licenses from Hong Kong’s Security and Futures Commission.

“The Titan Fund will accelerate Web3 innovation in Hong Kong and beyond. CMCC Global and their team are known to be conviction driven investors that have identified numerous breakthrough innovators early on,” said Yat Siu, Founder of Animoca Brands, who received one of the first investments from the Titan Fund via a warehoused deal into his Mocaverse project.

Meanwhile, Gemini Co-Founder Cameron Winklevoss said the Titan Fund will empower great entrepreneurs to build the next wave of Web3 and blockchain powered fintech applications.

“The last five years have seen a set of new unicorn companies emerge, the next five to ten years will see this trend continue to accelerate as mainstream adoption of blockchain technology proliferates,” he said.

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