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 , according to an emailed announcement on Wednesday. State Street will serve as the fund’s administrator and EY as its auditor. The lead investor in the fund was Block.one , which committed $50 million, alongside Richard Li’s Pacific Century Group, Winklevoss Capital and Animoca Brands founder Yat Siu. B1 will also become a minority shareholder in CMCC Global’s holding entity.which came into effect in June, making it an attractive destination for investment from the major VC players in the broader blockchain industry.
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