gumi Cryptos Capital (gCC), a venture capital firm that focuses on blockchain startups, headquartered in San Francisco and Tokyo, announced that it has launched a new $110 million seed fund.
The venture capital firm’s second fund aims to support around 50 early-stage blockchain companies from pre-seed to seed, gCC managing partner Rui Zhang told TechCrunch. Industries include blockchain games, infrastructure, web3 apps, tools, DeFi (decentralized finance)/CeFi (centralized finance), DAOs and guilds. The size of the check will vary between $500,000 and $5 million per investment through initial and follow-up investments. gCC’s second fund will invest in both stocks and tokens.
“We live in an experimental age,” said Miko Matsumura, Managing Partner of gumi Cryptos Capital. “Tokens represent monetary experimentation powering Web3, DAOs and guilds are governance experiments. NFTs are experimental digital assets. The Metaverse is a set of experimental realities.
Its limited partners include Japanese gaming company gumi, Shinsei Bank, Cygames, Mistletoe Venture Partners, Marui Group, GMP Capital and Polygon.
Hironao Kunimitsu, Zhang and Matsumura, three managing partners of gumi Cryptos Capital, will lead gCC Fund II.
Despite the similarities in branding, Zhang told TechCrunch gumi Cryptos Capital (gCC) is not a subsidiary or venture capital arm of gumi, although Zhang still holds a vice president position at gumi. in addition to his role as managing partner at gCC.
Zhang said the second fund has already made nine investments as a lead investor or co-lead investor, including Proof of Learn, XY Finance, Solv Finance and Alliance Labs.
The new vehicle is almost five times larger than the $21 million gumi Cryptos Capital Fund I, which has backed 36 portfolio companies in their funding rounds, including NFT Market OpenSea, Yield Guild Gaming, Celsius Network , Qredo, Agoric, Astar, 1 inch and VEGA . The company said its first fund, gCC fund I, achieved a return on capital employed (TVPI) of 24.6x in January 2022.
“We have unique access to both the startup culture and capital markets of Silicon Valley, as well as access to the Japanese market,” Kunimitsu said. “Japan is also home to unique intellectual property assets, especially in the growing gaming industry.”