Play Ventures, a Singapore-based VC firm focused on funding gaming startups, has announced a new blockchain gaming vehicle with US$75 million in commitments.
Named Play Future Fund, the new vehicle seeks to invest in a new generation of metaverse entrepreneurs building at the emerging intersection of gaming and web3.
As per a press statement, the new fund is oversubscribed by prominent investors in global gaming companies and institutional investors, alongside notable founders and individual investors from gaming and blockchain.
The new fundraising brings Play Ventures’s total assets under management to over US$300 million.
Headquartered in Singapore, Play Future Fund has an office in Helsinki.
Also Read: Play Ventures buys stake in LuneX Ventures to launch blockchain gaming fund
Additionally, Play Future Fund has announced investments in three companies:
- Community Gaming: a tournament organising platform with on-chain distributions of tournament winnings and NFT prizes
- ReNFT: a borrowing and lending protocol for NFTs enabling new revenue streams for gamers and developers
- GuildFi: a decentralised autonomous organisation making play-and-earn games and guild management easily accessible for players worldwide.
Play Future Fund is led by GP Kenrick Drijkoningen, the founder of LuneX Ventures, a dedicated crypto and blockchain fund launched in 2018. Anton Backman (principal at Play Ventures) and Vincent Lim (analyst) are the other leading members of the team.
Play Ventures believes the first US$100 billion gaming startup will be a blockchain gaming studio and the new fund intend to capture this opportunity. Web3 and play-and-earn will fundamentally disrupt the way games are designed, played and experienced. Open public blockchains provide a blank canvas for innovators not seen since the inception of the internet.
“We’re witnessing the complete re-architecture of societal trust systems. This will impact all major industries, but gaming will be leading the adoption charge. A huge global digitally native player base will embrace the opportunity to live, learn, play and earn online,” said Drijkoningen.
Henric Suuronen and Harri Manninen, founders of Play Future Fund, will also support the Play Ventures team.
“We see amazing synergies with Play Future Fund and our existing portfolio of over 40 gaming companies and our continued focus on games. Gaming companies are looking to push into web3 while crypto native companies are trying to enter the US$180 billion gaming industry. The Play Future Fund marries these two very distinct universes to bring entirely new experiences to gamers worldwide,” added Suuronen.
Success stories like Axie Infinity, Sorare, Dapper Labs and the overall scaling and emerging mass adoption of blockchains has brought the industry front and centre.
Also Read: Play Ventures closes US$135M fund targeting gaming startups
Play Ventures is an early-stage gaming VC firm with offices in Singapore and Helsinki, Finland. It invests globally in pre-seed and seed-stage gaming startups and focuses on free-to-play mobile and PC opportunities and gaming services startups.
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Image Credit: Play Ventures
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