Hong Kong-based venture capital firm CMCC Global has raised $100 million in the first round of its fourth fund, The Titan Fund, with backing from over 30 investors including Winklevoss Capital and Jebsen Capital. The Titan Fund will invest in early-stage blockchain startups, primarily focusing on Hong Kong, as the region becomes a rapidly growing Web3 hub.

Despite a decline in global Web3 funding, Hong Kong and other Asian markets are leading the way in creating a framework for crypto companies to operate. CMCC's Titan Fund has already invested in five companies, including leading Animoca Brands' $20 million fundraising for its NFT project Mocaverse. While the fund will mainly focus on Hong Kong-based startups, CMCC Global co-founder Martin Baumann stated that the fund will invest in "the best entrepreneurs globally."