Cake DeFi launched its new corporate venture arm Wednesday, with $100 million in new funding aimed at accelerating the growth of web3, gaming and fintech firms.
Singapore-based fintech platform Cake DeFi said in a statement that Cake DeFi Ventures (CDV) will seek global investment opportunities in worldwide ventures.
The fund will be led by Cake DeFi co-founders Julian Hosp and U-Zyn Chua. Hosp made the following statements on the subject;
“With Cake’s current status as the fastest growing platform in Singapore and Southeast Asia, the projects we invest in can expect strong support on a global scale.”
Cake DeFi Keeps Growing
Cake DeFi has grown rapidly over the past year, increasing its user base 10x by the end of 2021. Most of this growth occurred in the fourth quarter, when verified users nearly doubled.
The Fund has already made its first investment in a media, events and technology startup called The Edge of Company. He did not disclose the terms of the agreement.
Joins a sparkling and sharp-elbowed market for crypto and web3 project finance. A number of big players have announced big funds in recent months, including Paradigm’s $2.5 billion fund, FTX’s $2 billion venture fund, and Pantera Capital’s $1 billion fund.
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