Gumi Cryptos Capital (gCC), a venture capital firm specializing in blockchain firms with offices in San Francisco and Tokyo, announced the opening of a new $110 million early-stage fund. According to gCC managing partner Rui Zhang, the venture capital firm’s second fund plans to finance about 50 blockchain startups in the pre-seed to seed stage. Blockchain games, infrastructure, web3 applications, tools, DeFi (decentralized finance)/CeFi (centralized finance), DAOs, and guilds are all examples of industries.
Through initial and follow-on contributions, the check size will range from $500,000 to $5 million per investment. The gCC’s second fund will invest in both stocks and tokens. “We live in the Experimental Age,” stated gumi Cryptos Capital managing partner Miko Matsumura. “Tokens represent monetary experimentation, whereas DAOs and guilds are governance experiments that enable web3. NFTs are digital assets that are being tested. “The metaverse is a collection of fictitious worlds.”
Gumi, a Japanese game company, Shinsei Bank, Cygames, Mistletoe Venture Partners, Marui Group, GMP Capital, and Polygon are among its limited partners. Hironao Kunimitsu, Zhang, and Matsumura, three managing partners of gumi Cryptos Capital will lead gCC Fund II.
Despite the identical branding, Zhang informed TechCrunch that gumi Cryptos Capital (gCC) is not a subsidiary or corporate venture capital arm of gumi, despite the fact that Zhang is still a vice president at gumi and a managing partner at gCC. Proof of Learn, XY Finance, Solv Finance, and Alliance Labs are among the nine companies in which the second fund has invested as the lead or co-lead investor, according to Zhang.
The new fund is nearly five times larger than the gumi Cryptos Capital Fund I, which invested $21 million in 36 portfolio firms, including NFT marketplace OpenSea, Yield Guild Gaming, Celsius Network, Qredo, Agoric, Astar, 1inch, and VEGA. As of January 2022, the firm’s first fund, gCC fund I, had a 24.6x return on capital employed (TVPI). “We have unparalleled access to both the Silicon Valley startup culture and funding markets, as well as the Japanese market,” Kunimitsu added. “Unique intellectual property assets, particularly in the fast-growing gaming sector, are also found in Japan.”