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CMCC Global Unveils $100M Titan Fund for Web3

Capital | Oct 10, 2023

Titan Fund - CMCC Global Unveils $100M Titan Fund for Web3

CMCC Global, a prominent blockchain and Web3 investment firm in Asia, has unveiled a $100 million USD Titan Fund, a venture capital fund dedicated to fostering Web3 companies.

The fund has successfully hit its initial fundraising target, securing USD100m in its first close, with a strategic focus on investing in blockchain companies' equity.  Titan Fund will channel investments into early-stage startups across three key sectors: Infrastructure, Fintech, and Consumer applications, which includes gaming, metaverse, and NFTs.

With Asia being a hotspot for blockchain deals, the Titan Fund is strategically placed to capture value in the region, anticipating a surge in mainstream adoption of blockchain technology in the coming years. (B1) has emerged as the anchor investor, committing a substantial USD50m to the fund, alongside other notable investors like Richard Li's Pacific Century Group and Winklevoss Capital.  In addition to being an anchor investor, B1 will also become a minority shareholder in CMCC Global's holding entity, aligning strategic potential for both entities.

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The fund will be managed by a new managing partner, Yen Shiau Sin, formerly of B1, and a team comprising Investment Principal Jonathan Cheung, and CMCC Global's Co-founders Charlie Morris and Martin Baumann.

The Titan Fund, administered by State Street and audited by EY, is positioned as an institutional-grade fund and is managed by Fintech Investment Group Limited, a subsidiary of CMCC Global.

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