Play Ventures sets up the Play Future Fund and puts $75 million into blockchain gaming.
A gaming venture capital company called Play Ventures has raised $75 million for a blockchain gaming fund called the Play Future Fund. The fund will put money into blockchain gaming startup projects and web3 startups.
Singapore-based Play Ventures has put money into three companies: Community Gaming, ReNFT, and GuildFi. All three projects have something to do with blockchain gaming, and Community Gaming is using NFTs and blockchain to run a tournament.
GuildFi is for managing guilds and playing "Play to Earn" games, while ReNFT is for lending and renting NFTs. Play Ventures was started by Harry Manninen and Henric Surronen. Both of them are involved in the gaming business.
The goal of the fund is to help studios and developers who are working on blockchain-based games and even the metaverse. "Web3 and play-and-earn will fundamentally change how games are made, played, and experienced," says Play Ventures.
Open public blockchains give innovators a blank slate that hasn't been seen since the beginning of the internet." Before, the company put money into projects that were not part of the blockchain ecosystem.
Kenrick Drijkoningen, who is a general partner at Play Venture Fund, will be in charge of the Play Venture Fund. Before, Drijkoningen was the head of Lunex Ventures, a company that focused on blockchain and cryptocurrencies.
Golden Gate Ventures created Lunex Ventures, which had $10 million in blockchain funds. In 2018, when these projects were being funded, there weren't many companies like Lunex Ventures.
Kenrick Drijkoningen's portfolio looks good because Lunex Ventures was a good investment that has made more than 720% since it started. Golden Gate Ventures was bought by Play Ventures, which led to the creation of the Play Ventures Fund.
Moreover, the firm raised $135 million for its Fund 2, whereas its debut fund closed at $40 million in 2019. Earlier in September, Play Venture also launched an $80 million Opportunites Fund.
With the new funding in place, Play-Ventures assets under management now reach $300 million.
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