On 30th March, Gumi Cryptos Capital (GCC) announced its second fund to invest USD 110 million in the early-stage blockchain startups. The second fund trails the previous GCC’s first USD21 million fund.
Gumi Fund II to Invest USD 110 Million in Blockchain Startups
Gumi Crypto Capital (GCC) has announced the start of the USD 100 million fund to focus on blockchain concepts, such as Wed3, game finance (gameFi), decentralized finance (DeFi), and other types of ideas for early-blockchain startups.
Rui Zhang, the GCC managing partner, said that Gumi is a blockchain’s experienced, high-trust, high-conviction, unicorn to megacorn and long-time preference-focused all-in venture society. Fund II targets decentralized autonomous organization (DAO), guilds, and software engineers, at their earliest stages of the project development. It is also chain-agnostic. It will fund both tokens and equity, with each project getting between USD 500,000 to USD 5 million.
GCC Fund II to Bolster Blockchain Funds to Cater to Growing Appetite for Experimentation
GCC Fund II is one of the growing numbers of venture capital funds that came to the limelight in 2021. Another venture fund, Cypher Capital, which is based in the United Arab Emirates (UAE), announced a USD 100 million fund targeting DeFi, Metaverse, and gamefi concepts. Luno, a crypto exchange, also unveiled its investment branch dedicated for fintech startups.
Griffin Gaming partners, also a venture capital firm, released its plan to support gaming concepts in Web3 and blockchain ideas with USD 750 million.
GCC emphasized that companies in its portfolio raised over USD 1 billion since January 2020. Some of these companies include Miko Matsumura, Hironao Kunimitsu, and Rui Zhang. Matsumura emphasized that we are living in the experimental age, and the current infrastructure, from governance, financial services, and social systems, are failing. This is why there is a strong appetite for experimentation.