The backer of Galaxy Digital is Looking to Invest in Blockchain and Other Tech

HCM Capital is reportedly exploring a new fund to invest in early tech startups. HCM Capital receives funding and support from Foxconn Technology Group.

A report in Reuters notes that the group is looking to invest in Silicon Valley and other tech hubs around the globe.

Jack Lee, HCM’s founder and managing partner, told Reuters that he didn’t yet have a target for the new fund. However, it did suggest that the fund could tally a “hundred million more or up to several hundred” million more than the firm’s first fund. That previous fund had up to $70 million at its disposal to invest in blockchain and other tech startups. 

Details Around the HCM Capital Fund

Lee hasn’t set a date for the launch of the new fund. Reuters says that HCM Capital will likely make its decision by the end of the year. Once again, the firm will focus on blockchain and other tech projects.

According to Crunchbase, the Foxconn sub-organization has made five investments. HCM Capital has invested in Digital Currency Group, Abra, Galaxy Digital, Cambridge Blockchain, and Figure. It recently led Figure’s Series B round, which it announced on April 1, 2019.

Foxconn is a major partner for Apple and powers the tech giant’s industrial and supply chain operations. It founded HCM Capital in 2015 as a way to diversify from the Foxconn-backed Vision Fund run by Japan’s SoftBank.

“I feel (SoftBank) Vision Fund’s focus is more on existing and a bit older economy, such as real estate (WeWork, internet-based rides hailing apps) … while we have been promoting the decentralized digital economy powered by blockchain for years,” said Lee.

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