Cake DeFi, a Singapore-based fintech platform that makes DeFi (decentralised finance) services and applications, has launched Cake DeFi Ventures (CDV), its venture capital arm with US$100 million in earmarked capital.
The firm is looking to invest in technology startups in Web3, gaming, and fintech – especially those in the metaverse, NFT, blockchain and esports industries. Based in Singapore, CDV will look for global investment opportunities in startups around the world.
CDV is led by Cake DeFi’s Co-founders Dr Julian Hosp (Chief Executive Officer) and U-Zyn Chua (Chief Technology Officer) along with newly appointed Investment Partner Nicholas Khoo.
Dr Julian Hosp is a seasoned blockchain entrepreneur, widely regarded as a leading influencer in the crypto and blockchain space. His vision is to bring blockchain awareness and understanding to a billion people by 2025. While U-Zyn Chua, a blockchain engineer, enthusiast and investor for over a decade, was a Smart Nation Fellow on blockchain for the Singapore government. He was also the Lead Architect for the world’s first Central Bank Digital Currency (CDBC) – the Sand Dollar in the Bahamas.
“By launching Cake DeFi Ventures, we want to bring cryptocurrency and blockchain capabilities to the world. Cake DeFi is one of Southeast Asia’s fastest-growing fintech platforms. The projects that we invest in can expect to receive strong support scaling globally,” said Dr. Julian Hosp, Co-founder and CEO of Cake DeFi.
At the time of CDV’s launch, the firm was in early to late-stage discussions with a number of global startups, including those in Southeast Asia, the U.S. and Europe. For its first strategic investment, Cake DeFi has selected tech, media and events startup, The Edge Of Company, which has been building the community and ecosystem for the NFT and Web3 space.
“The entire team at The Edge Of Company is honored to have Cake DeFi Ventures as part of the Edge family. Their know-how, relationships, and strategic insights will help propel this Web3 rocketship to new heights across our platform of tech, media, and events,” said Jeff Kelley, Co-Founder, The Edge Of Company, Inc.
To apply for funding from CDV, please email [email protected] with the project details. CDV will be in touch with shortlisted projects. Venture capital firms or investment funds interested in co-investment opportunities or strategic partnerships may also reach out for further discussion.
In 2021, Cake DeFi saw a tenfold growth in its registered customer base, with over US$1bn customer assets. In the same year, Cake DeFi’s customers received over US$230 million in rewards.
