Participated · Seed · Apr 2025

Terminal 3 builds data infrastructure for a decentralized future, leveraging blockchain and privacy-enhancing technologies to enable secure, self-sovereign storage and fully private access. Its platform focuses on decentralized identity and credentials for enterprises across banking, government credentials, social media, and marketing. The company uses technologies such as zero-knowledge cryptography and recently announced an authentication and authorization platform for AI agents. Terminal 3 plans to launch a novel data privacy and security protocol later in the year and to accelerate adoption of its enterprise solutions. The company already serves nearly 8 million users across multiple blockchains and industries. The founders are former executives with experience at companies including Google, Spotify, Microsoft, and Uber, and previously led digital transformation at the South China Morning Post. Terminal 3 is a Hong Kong-based Web3 startup building a platform that combines decentralized storage and zero-knowledge proofs. The company says its technology aims to empower an equitable Web3 where user data is freely composable while remaining private and secure. It was co-founded by Gary Liu alongside Malcolm Ong (CPO) and Joey Liu (COO). Terminal 3 raised a pre-seed funding round of undisclosed amount. Backers named in the announcement include 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, Mozaik Capital, and others. The company intends to use the funds to continue to build its platform.

Participated · Equity · Feb 2025

Raise is a pioneer in the global gift card market and blockchain-powered payments and loyalty, founded in 2013 and operating from Miami. Its core products include a consumer app, an exchange (GCX), B2B 'Raise for Business', and a proprietary blockchain-backed gift card program called Smart Cards. The company reports it has facilitated over $5 billion in transactions for nearly 7 million users and more than 1,000 retail partnerships, with activation and redemption across a network of over one million stores, websites, and applications. Raise plans a nine-figure commitment over the next several years to realize on-chain gift cards, expand the Retail Alliance Foundation, and seed the Raise blockchain network and alliance IP in partnership with BFG Labs. It is integrating DOT Wallet via a partnership with the Polkadot Community Foundation, partnering with WalletConnect to connect to wallets such as Coinbase, MetaMask, Phantom, and Trust, and expanding B2B partnerships including Citi Bank and BILT Rewards. The company has also appointed a new board including Marco Santori, George Ruan, Matt Maloney, and Bjorn Wagner to support execution of its roadmap. Raise operates a mobile wallet and the world’s largest gift card marketplace, letting consumers buy discounted gift cards or sell unwanted cards for cash. Since launching in 2013, the company has amassed millions of users, enabled over $1 billion in gross transactions, and helped members save more than $140 million. Raise partners with nearly 400 national brands and offers consumers access to over 3,000 brands through its iOS and Android mobile wallet, where users save an average of 12% per transaction. The company’s core product is a digital gift-card marketplace and a closed-loop mobile payments network that gives brands direct-to-consumer prepaid payment capabilities. Raise plans to use new capital to accelerate development of its closed-loop mobile payments network, deepen its focus on prepaid cards, and build a world-class retail partnerships team. The company has raised more than $147 million to date. Raise.com runs a C2C marketplace that connects buyers and sellers of unused or partially used gift cards and collects a 15% commission on sales. Founded in 2013, Raise launched on the web and saw rapid growth after releasing an iOS mobile app just ahead of the 2014 holiday season; the app already contributes 20% of company revenue and accounts for over half of card listings. By November the service had grown over 500% since its Series A, and in 2014 the company sold over a million gift cards; between November and year-end Raise grew over 50% in revenue and other metrics while user growth quadrupled. CEO George Bousis said January was outpacing December in double-digit percentages, driven in part by mobile users purchasing at point-of-sale. Raise plans to use new funding to expand its executive, marketing and engineering teams (engineering to be about half the business), invest in R&D to improve speed and ease of use, and increase marketing spend across SEO, SEM, display and traditional media. Longer-term the company is developing services for retailers to leverage aggregate, anonymized shopper data and has signed deals with over a dozen undisclosed retailers interested in targeting customers via the app. Raise.com operates a peer-to-peer marketplace where consumers buy and sell discounted gift cards, e-gift cards and store credit across more than 500 retailers. Sellers can list physical cards, e-gift cards and merchandise credit with a $10 minimum balance; Raise.com collects a flat 15% commission on each sale and charges an extra $1 for physical-card transactions. Physical gift cards represent roughly 10% of sales, and the site provides prepaid shipping labels, seller payouts by check or PayPal, and a 100% money-back guarantee to buyers and sellers. Raise.com spun off from CouponTrade in February and began roughly 2.5 years ago; it has grown to over 50 full-time employees and the company is described as profitable. The business targets the large U.S. gift-card market (about $115 billion) and an additional $200 billion in merchandise credit from returns. Planned product improvements include a gift-card pricing tool and a scannable barcode for purchased cards; the company intends to use new funding to support growth, marketing, advertising and hiring.

Participated · Seed · May 2022

Gusto Collective is a BrandTech holding company led by CEO Aaron Lau that combines technology and branding to create immersive customer experiences in AR, the metaverse and NFTs. The company develops AR applications and Web3 products through its operating businesses and partnerships. Notable collaborations include a 5G AR experience with Hong Kong wireless operator CSL, a real-time generative data art project with Phillips Auctioneers, and AR installations for Pixar Fest in Harbour City mall. With this strategic focus, the company is prioritizing geographic expansion into other parts of Asia, development of Web3 services and products, and creation of recurring-revenue offerings. Financially, Gusto Collective completed an $11M Seed Plus round and has raised $23M in cumulative external funding since launching in 2020.

Participated · Series A · Nov 2021

Talon is a Hong Kong-based competitive gaming, entertainment and culture brand and esports lifestyle platform that operates teams, a creative studio, and content for partners. It runs competitive rosters across six major game titles in five Asia Pacific markets, including PSG Talon (League of Legends), which has won three PCS titles and represented the region at MSI and Worlds, and an Arena of Valor roster that has won domestic titles and the 2021 Arena of Valor World Cup. The company operates its own creative studio to run esports marketing, content creation and activities for Talon and its partners. Talon plans to grow its lifestyle and cultural platform by working with fashion labels, KOLs, musicians and traditional sports athletes to deliver entertainment to Gen Z and millennials. As part of that strategy it intends to develop digital and blockchain solutions alongside Animoca Brands to deliver collectibles, metaverse experiences, play-to-earn games and NFT platforms. Founded in 2017, Talon is headquartered in Hong Kong with regional offices in Thailand, Taiwan, the Philippines and South Korea and will further expand into the Philippines, Vietnam and Indonesia. Founded in 2016, Talon Esports fields teams in top esports competitions such as League of Legends and Street Fighter V while also operating commercial businesses that monetize its brand. The company has multiple revenue streams including publisher/media fees, in-game item sales, tournament winnings (hundreds of thousands of dollars), sponsorships, merchandise sales, and agency work. In the fall of 2020 Talon raised $2 million in funding to support its international expansion. Talon emphasizes talent development—notably via a partnership with Paris Saint-Germain—and adopts an athletic approach to competitive gaming. The company is investing in a creative studio to serve its teams and external clients and to grow in markets like Hong Kong, Taiwan, and Thailand. Leadership includes CEO Sean Zhang and co‑founder/partner Jarrold ‘Jazz’ Tham, both with finance experience, and the business has a dedicated CFO to manage finance and cash flow as it scales.

Participated · Series A · May 2019

Fnatic is a 17-year-old esports organization and brand with a worldwide squad of 40 pro gamers across eight games and a product business selling digital and physical performance ranges and esports equipment. The company reported an 80% year-on-year increase in revenues year-to-date and said revenues from its digital and physical performance ranges rose 91% year over year in Q1 2021. Its esports equipment line grew 52% in 2020; Fnatic now has 110 employees. Fnatic raised $17 million in a recent investment round that included Marubeni, a range of international family offices and institutional investors, plus venture debt from Bootstrap. The firm has raised $53 million to date and previously completed a 2020 crowdraise joined by more than 3,500 investors. The new capital will accelerate expansion into the Japanese and broader Asia-Pacific esports markets, expand Fnatic’s base of operations in Japan, and support its Rainbow Six: Siege team relocating to the country. The company is also launching digital products and continuing investment into advanced esports equipment while strengthening its leadership team. Fnatic operates professional esports teams and has expanded into branded gear such as gaming keyboards and team jerseys. The company has been one of the most viewed western esports teams and was the second most watched team of 2020. Its teams have earned nearly $16 million in tournament winnings across 903 events. Founded in 2004 and based in London, Fnatic has raised nearly $35 million across its funding rounds to date. The company plans to use new funding to continue global expansion and support its competitive teams. Fnatic is also pursuing broader community ownership via a Crowdcube crowd equity campaign intended to raise £1 million. Fnatic is a London-based e-sports team and brand that fields players across 22 game titles and also designs hardware gear, apparel, and community experiences. The company has a staff of 75, including 45 gamers who collectively have earned more than $8 million in prize money. Fnatic operates an e-sports equipment subsidiary and plans to launch new product categories, including a new audio line. It also plans to strengthen involvement in tier-one leagues, including the League of Legends European Championship. Founded in 2004, the company announced leadership changes: CEO Wouter Sleijffers is stepping down, founder Sam Mathews will return as CEO, Nick Fry has been named chairman, and Glen Calvert appointed COO. The recent $19 million financing is intended to support these competitive and product expansion initiatives. Fnatic is a coalition of pro gaming teams competing across major esports titles such as League of Legends, Counter-Strike and Dota 2. The company raised $7 million in a new round of financing to expand its competitive and commercial operations. Fnatic plans to hire coaches, analysts, sports psychologists and other support roles similar to traditional sports teams. The funds will also be used to expand training facilities, grow merchandising efforts, and increase the number of academy teams. The article frames the raise within broader industry growth, citing Newzoo estimates that esports revenue is on pace to reach $696 million this year and could hit $1.5 billion by 2020. Fnatic’s leadership described increased acceptance from sports franchises, media companies and high-profile individuals as accelerating opportunities in the sector.