Play Ventures, a Singapore-based VC firm focused on funding gaming startups, has entered into an agreement with Golden Gate Ventures to acquire a stake in its spin-off LuneX Ventures.

Further details of the deal were not disclosed.

The plan is to launch a new dedicated blockchain gaming fund.

As part of the deal, LunX General Partner Kenrick Drijkoningen will move to Play Ventures, while continuing to head LuneX.

Also Read: Play Ventures closes US$135M fund targeting gaming startups

GGV and Play Ventures look forward to further collaboration across the digital assets and gaming industries.

LuneX currently holds investments in a number of blockchain-enabled startups and tokens.

“By combining our gaming and digital asset expertise, we will be able to occupy a unique position in these converging industries and have a real edge in the market,” said Drijkoningen.

GGV Partner Michael Lints said: “Over the past years crypto and blockchain have made a significant impact on the financial ecosystem and we were fortunate to play a part in that development with Lunex. Now that crypto is widely known and new trends are evolving quickly it makes sense that Kenrick wants to specialize and hone in on his specialty.”

Henric and Harri from Play Ventures added: “Mobile phones revolutionised how gaming can be enjoyed by billions of people. Blockchain is now doing the same to digital rights, payments and marketplaces. We believe that the intersection of both gaming and blockchain will create the ultimate metaverse where people meet, play and trade; a true trillion-dollar opportunity.

Also Read: Charting the rise of hyper casual gaming: An insight into the massive mobile industry

Launched in 2018, LuneX Ventures invests in rapidly-growing blockchain and digital asset industry. The fund has invested in over 20 companies and token projects, primarily seed stage with a focus on Singapore.

Play Ventures invests in early-stage gaming companies. Since December 2018, it has invested in 24 companies across 10-plus different countries.

Earlier this month, Play announced the closing of its second fund worth US$135 million. With Fund II, Play Ventures’s total assets under management is now US$175 million across Fund I and Fund II.

Image Credit: LuneX Ventures

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