VC firm Konvoy launches new $150M fund, eyes blockchain-based games

Enterprise capital agency Konvoy Ventures is about to fork out a minimum of $30 million to again varied cryptocurrency and blockchain-based video games.

The American agency announced the launch of Konvoy Fund III, with $150 million in capital that it plans to put money into quite a lot of platforms and applied sciences within the world gaming sector. According to Bloomberg, as much as 30% ($45 million) of the fund will likely be allotted to the crypto and blockchain gaming house.

Konvoy is not any stranger to the world of cryptocurrencies and blockchain-based video games. The agency boasts a powerful portfolio of gaming firms and initiatives which it has funded, together with the likes of Axie Infinity creators Sky Mavis, Metaverse avatar platform Prepared Participant Me and open-world nonfungible token (NFT) sport Genopets.

Associated: Animoca, WeMade, Samsung Subsequent again Web3 studio to develop open-source video games

The agency has invested in a complete of 35 firms up to now by means of its first two funds throughout North America, Europe, the Center East, Africa and South-East Asia.

Curiosity in blockchain-based video games has elevated over the previous yr, with play-to-earn and NFT-featuring video games huge focal factors within the business. There was no scarcity of funding both, with Konvoy’s newest fund following a $32 million funding made by Animoca Manufacturers, Samsung Subsequent and WeMade into Planetarium Labs.

A current report from DappRadar additionally outlined continued curiosity in GameFi initiatives. The likes of A16z and Dapper Labs have pledged round $1.3B in investments in GameFi and metaverse initiatives and applied sciences.