Gaming venture capital firm Konvoy launches a new $150 million fund, with a portion set to be invested in cryptocurrency and blockchain-based games. It is set to fork out at least $30 million to back various cryptocurrency and blockchain-based games.
The American firm declared the launch of Konvoy Fund III, with $150 million in capital that it plans to invest in a diversity of platforms and technologies in the global gaming sector. According to Bloomberg, up to 30% ($45 million) of the fund will be owed to the crypto and blockchain gaming space.
Konvoy is no outsider to the world of cryptocurrencies and blockchain-based games. The firm claims a notable portfolio of gaming companies and projects which it has funded, counting the likes of Axie Infinity creators Sky Mavis, Metaverse avatar platform Ready Player Me and open-world NFT game Genopets.
The firm has financed a total of 35 companies to date through its first two funds across North America, Europe, the Middle East, Africa, and South-East Asia.
Interest in blockchain-based games has improved over the last year, with play-to-earn and NFT-featuring games big focal points in the industry. There has been no scarcity of funding either, with Konvoy’s latest fund ensuring a $32 million investment made by Animoca Brands, Samsung Next, and WeMade into Planetarium Labs.
A recent report from DappRadar also charted a continued interest in GameFi projects. The likes of A16z and Dapper Labs have promised around $1.3B in investments in GameFi and Metaverse projects and technologies.
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