Venture Capital Firm: Gumi Cryptos Capital raises $110M second fund in order to back blockchain startups
- ByStartupStory | March 31, 2022
A venture capital firm, San Francisco- and Tokyo-headquartered Gumi Cryptos Capital (gCC), that focuses on blockchain startups, announced that it has launched a new $110 million early-stage fund.
To back approximately 50 blockchain companies in the early stage from pre-seed to seed has been aimed by the venture capital firm’s second fund, said managing partner of gCC Rui Zhang in a statement. Industries include blockchain games, infrastructure, DAOs, web3 applications, tools, DeFi (decentralized finance)/CeFi (centralized finance), and guilds.
Through initial and follow-on investments. The second fund of gCC will invest in both equity and tokens, the check size will range between $500,000 to $5 million per investment. Japanese game company gumi, Marui Group, GMP Capital, Shinsei Bank, Cygames, Mistletoe Venture Partners, and Polygon are included as its limited partners. Hironao Kunimitsu, Zhang and Matsumura are the three managing partners of gumi Cryptos Capital that will lead gCC Fund II.
Zhang, despite the similarities in branding, said that though Zhang notably still holds a position as a vice president at gumi in addition to his role as a managing partner at gCC, gumi Cryptos Capital (gCC) is not a subsidiary or corporate venture capital arm of gumi.
Zhang said that as the lead investor or co-lead investor, including Proof of Learn, XY Finance, Solv Finance and Alliance Labs, the second fund has already made nine investments.
The new vehicle is almost five times larger than the $21 million gumi Cryptos Capital Fund I, which backed 36 portfolio companies in their seed round fundings, including NFT marketplace OpenSea, Qredo, Agoric, Astar, 1inch, Yield Guild Gaming, Celsius Network, and VEGA. The firm said a 24.6x return on capital employed (TVPI) as of January 2022 has been attained by its first fund, gCC fund I.
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