Blockchain VC Firm Gumi Cryptos Launches $110M Fund to Invest in 50 Startups

Blockchain venture capital firm Gumi Cryptos Capital (gCC) has raised $110M for its gCC Fund 2 to invest in 50 projects.
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Quick take:

  • Gumi Cryptos Capital has completed a $110 million raise for its second crypto fund.
  • The blockchain venture capital firm said it will use the funds to invest in 50 companies through equity and tokens.
  • The gCC fund II follows the firm’s gCC fund I pushed its AUM to $516 million up from $21 million. 

Gumi Cryptos Capital (gCC) has announced the successful completion of a $110 million fundraising, setting up the gCC fund II. The Japanese blockchain venture capital firm said it will use the funds to invest in 50 startups both through equity and tokens.

The firm, which also has offices in Silicon Valley, specialises in early-stage investments. At least 60 limited partners participated in the fundraising, with about half of the funds coming from Japan, primarily from publicly listed companies.

The rest of the capital came from Europe and US venture capital firms and family offices, gCC partner Rui Zhang told CoinDesk.

The gCC fund I invested in about 36 companies including the world’s leading NFT marketplace OpenSea and play-to-earn gaming platform Yield Guild Games, which gCC partner Miko Matsumura said were among the best-performing investments.

Matsumura said the second fund will invest $500,000 to $5 million per project, including initial follow-on capital injections.

On the other hand, Hironao Kunimitsu said Gumi pointed to Gumi’s strategic positioning saying it has “a unique access to both Silicon Valley startup culture and capital markets, as well as, the Japanese market.”

“Japan is also home to unique intellectual property assets, especially in the fast-growing gaming sector. With our unique geographic advantage, we can help ambitious projects grow faster,” he added in a press release on Wednesday.

Some of the companies that have already made public their investment in gCC Fund II include the Web3 education platform ProofofLearn, NFT liquidity aggregator XY Finance, financial NFT platform Solv Finance and Alliance DAO, which is a Web 3 accelerator and developer community.

Kunimitsu said that some of the firm’s blockchain gaming investments will soon start to pay off, allaying fears that blockchain games cannot be fun.

“It used to be about play for fun, and now the games have moved to play-to-earn,” Kunimitsu said, adding “the problem has been that play-to-earn games aren’t fun. I think the next generation of web 3 games is coming and they will also be fun. That is the kind of project we are looking for.”

Highlighting the fact the gCC Fund I led OpenSea’s and YGG’s seed rounds, Matsumura said “we live in the experimental age— and that means experimenting in tokens, Web3, DAOs, guilds, avatars, and non-fungible tokens (NFTs),” he said, adding that the metaverse is a collection of these experimental realities.

The new gCC Fund two will be led by Zhang, Matsumura and Kunimitsu, all from the firm’s gCC Fund I.

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