Hong Kong VC firm CCMC launches $100M blockchain fund focusing on Asia
Sunday, May 07, 2023
(Coingeek by Wahid Pessarlay) – Hong Kong-based venture capital (VC) firm CCMC Global has revealed the launch of a new fund for the blockchain space in Asia amid concerns about dwindling funding for the industry.
According to a Bloomberg report, the Richard Li-backed VC firm’s new fund is worth an impressive $100 million for blockchain firms in Hong Kong. Martin Bauman, CCMC’s co-founder, pointed out that Hong Kong firms in the Series A and B stages of their growth will be given significant attention while promising startups across Asia will be considered.
Bauman disclosed that firms exploring the metaverse and decentralized finance (DeFi) are more likely to pique the attention of the VC fund. The firm’s co-founder noted that despite the prolonged bearish market, there exists a plethora of capital “sitting on the sidelines waiting for the right entry valuations to pull the trigger.”
