Singapore’s GBCI Ventures leads $10m pre-Series A funding for China’s Cailu

Douglas Gan, CEO & co-founder of GBCI Ventures.

GBCI Ventures, a Singapore-based $100-million smart city venture fund, has led a $10-million pre-Series A round for Chinese blockchain media firm Cailu.

Orka Capital, a Singapore-based digital asset investment fund, also participated in the round.

Founded in 2018, Cailu integrates industry information, content socialization and token mechanism to provide content and servers to users and creators. 

Cailu will invest the fresh capital in further research and development on blockchain immersion media (IM), CLC ecosystem building, engineering expertise, platform operations and partnership programs to build a blockchain ecosystem. CLC is the financial monetization fuel used to incentivize users to act within the platform. 

GBCI Ventures CEO and co-founder Douglas Gan said: “Sharing is one of the characteristics of smart cities. Cailu, a sharing-based and a decentralized blockchain media platform, incentivise high-quality news and disincentivise low-quality content and even fake news; aims to become a major influencer on how blockchain can shape smart cities.”

“With the increasing proliferation and interest from both major institutions and the public in Blockchain technology, Cailu would be a great avenue to create awareness and dialogue between the two. This would lead to greater and faster advancement and adoption to usher in new and innovative tech to shape the way we conduct businesses in the future,” said Zheng Jian Wei, co-founder of Orka Capital.

GBCI Ventures had in February said that it had closed its $100-million smart city fund, with plans to fully deploy it by October this year.

The fund targets infrastructure projects covering roads, homes, renewable energy, sustainability and vertical farming. It also seeks projects that can be deployed in One Belt One Road (OBOR) markets.

GBCI’s investors include a Chinese corporate venture capital firm and family offices from Japan, Hong Kong, Taiwan and mainland China.

In a statement, GBCI added that 70 per cent of its fund is dedicated to venture building and 30 per cent to VC activities that will eventually be merged or acquired by GBCI. Its venture building team is 1000-people-strong across eight countries in Asia.