Sydney digital asset manager TCM Capital has hitched its wagon to Singapore-based digitisation, tokenisation and provenance services firm Trovio to create the Trovio Group in a deal that values the merged cryptocurrency entity at $200 million.
An oversubscribed raise as part of the merger, led by Ellerston Capital, Sun Hung Kai Strategic Capital and Amherst Holdings, tipped in $20 million along the way to further enhance Trovio’s digital fund offerings amid plans to launch a number of new fund strategies in early 2022. The company also has key hires across the technology and advisory divisions in its plans.
Trovio Group CEO Jon Deane said the new business plans to 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 new asset class.
The merger combines Trovio’s commercial technology with the institutional infrastructure and distribution of TCM.
“The Trovio Group brings together two world class businesses – creating a new type of enterprise designed for the digital economy and Web 3.0. One that understands the emergent trends and the technology risks and the opportunities within the ecosystem that is currently being created,” Deane said.
“A firm that can provide our clients with the ability to interact and benefit from the future growth and commercialisation of the digital economy. Our view is that all assets will eventually be transacted in a digital format, and opportunity exists for those that leverage technology solutions to interact with this ecosystem, as well as the technology’s ultimate adoption as an asset class in its own right.”
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).
Trovio raised A$6 million in January this year, at a A$26 million post-valuation.