Key Takeaways
- • Sydney digital asset manager TCM Capital and Singapore-based tokenisation firm Trovio have merged to form the Trovio Group, valued at $200 million, according to Startup Daily.
- • The merger round was oversubscribed and raised $20 million, led by Ellerston Capital, Sun Hung Kai Strategic Capital and Amherst Holdings.
- • The combined group plans to offer digital asset and Web 3.0 access to corporates and institutional-grade investment products across the Asia-Pacific region.
- • The merged entity plans to launch several new fund strategies in early 2022 and has announced key hires across its technology and advisory divisions.
- • As part of the merger, the Australian feeder fund Digital Native Assets will be rebranded as TCM Digital Asset Fund Australia (TCM DAF Australia).
Summary
Sydney-based digital asset manager TCM Capital has merged with Singapore-based digitisation, tokenisation and provenance services firm Trovio to create the Trovio Group, a deal that values the combined cryptocurrency entity at $200 million, according to Startup Daily. The merger combines Trovio's commercial technology with the institutional infrastructure and distribution of TCM.
The merger included an oversubscribed capital raise of $20 million led by Ellerston Capital, Sun Hung Kai Strategic Capital and Amherst Holdings. The proceeds are intended to further enhance Trovio's digital fund offerings ahead of plans to launch a number of new fund strategies in early 2022. The company has also made key hires across its technology and advisory divisions.
Trovio Group CEO Jon Deane said the new business will offer access to the digital asset and Web 3.0 ecosystem in the Asia-Pacific region for corporates, as well as institutional-grade investment products for this asset class. Deane described the group as a firm designed for the digital economy that understands the technology risks and opportunities in the ecosystem being created, and said he expects all assets will eventually be transacted in a digital format.
As part of the merger, the Australian feeder fund Digital Native Assets will be rebranded in alignment with the wider group as TCM Digital Asset Fund Australia (TCM DAF Australia). Startup Daily also reported that Trovio raised A$6 million in January 2021 at a A$26 million post-valuation.
The merger included an oversubscribed capital raise of $20 million led by Ellerston Capital, Sun Hung Kai Strategic Capital and Amherst Holdings. The proceeds are intended to further enhance Trovio's digital fund offerings ahead of plans to launch a number of new fund strategies in early 2022. The company has also made key hires across its technology and advisory divisions.
Trovio Group CEO Jon Deane said the new business will offer access to the digital asset and Web 3.0 ecosystem in the Asia-Pacific region for corporates, as well as institutional-grade investment products for this asset class. Deane described the group as a firm designed for the digital economy that understands the technology risks and opportunities in the ecosystem being created, and said he expects all assets will eventually be transacted in a digital format.
As part of the merger, the Australian feeder fund Digital Native Assets will be rebranded in alignment with the wider group as TCM Digital Asset Fund Australia (TCM DAF Australia). Startup Daily also reported that Trovio raised A$6 million in January 2021 at a A$26 million post-valuation.
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