gumi Cryptos Capital (gCC), a blockchain-focused venture capital firm that invested in OpenSea and other entities, has raised $110 million for their gCC Fund II.
That follows exceptional performance for their gCC Fund I which grew from $21M to $516M in asset value, gaining a 24.6x Return on Capital Employed, the company said.
“We live in the Experimental Age. The existing institutions and infrastructure including social infrastructure, governance, financial services and big tech are demonstrably failing us.
Because the way forward is unknown, there’s a strong appetite for experimentation,” Miko Matsumura, gCC Managing Partner, said before adding:
“Tokens represent monetary experimentation powering Web3, DAOs and guilds are governance experiments.
Avatars represent ‘personality experiments’ whether backed by individuals, bots or groups. NFTs are experimental digital assets. The Metaverse is a collection of experimental realities.”
They’re looking to fund between $500,000 to $5 million “projects, DAOs, guilds, apps, games, and protocols at any layer at the earliest stage and is chain-agnostic.”
“Our approach for this fund will be ‘thinking ahead’. We develop advanced thinking across the blockchain space,” said Rui Zhang, another Managing Partner, adding:
“We’re looking for exceptional ‘gumicorn’ founders in advanced subsectors that have the potential to be sector leaders and disrupt global industries.”
The team (pictured) manages a portfolio from Silicon Valley and Japan of 36 companies, including OpenSea, Yield Guild Gaming, Celsius Networks, 1Inch Network, Qredo, Agoric, VEGA protocol and Astar.
For OpenSea they were lead investors in the “strategic seed round,” scoring big as NFTs have taken off.
They’re now looking to emulate that success, with this raise being another sign that big money is starting to move again in the crypto space after a three months hiatus.