Venture capital firms Konvoy Ventures, has just unveiled a $150 million gaming fund. Along with other areas, the venture capital firm is focusing on web3 and gaming that uses blockchain technology. The company has investments in 33 companies at the moment. Following the addition of the new fund, it will have a total of $270 million under management. The company plans to invest anywhere between 20 and 30 percent of that money in blockchain and cryptocurrency-related games.
Konvoy Ventures fund and blockchain gaming industry
According to a statement by Josh Chapman, one of the company’s co-founders, Konvoy will investigate the possibility of making investments based on tokens rather than shares. He stated that outside of the cryptocurrency industry, Konvoy has plans to fund more traditional gaming firms. The other focus areas include infrastructure and industries such as fashion, healthcare, and education.
Konvoy Ventures was founded by brothers Jason and Josh Chapman, together with their childhood friend, Jackson Vaughan. The venture capital firm has placed greater focus on the blockchain technology. One of its key partners is Sky Mavis, the company behind the highly successful Axie Infinity. The fund plans to invest in gaming startups at various stages of development, with focus on pre-seed, seed, and Series A stage companies.
The $150 million fund solidifies growing affinity by investors towards gaming and GameFi. In the next two and a half years, Konvoy plans to increase its investments in roughly thirty startups that are still in the early stages of their development. In addition, Konvoy plans to keep its primary focus on the markets in North America, Europe, South Korea, Southeast Asia and Africa.
Konvoy Venture’s investment in gaming epitomizes growing appetite for blockchain gaming despite the current crypto market slump. About $4 billion of VC funding went into gaming in 2021 and the 2022 trend is on course to surpassing that figure. According to a recent quarterly report by DappRadar and BGA games, gaming attracted $2.5 billion in Q1 of 2022. Furthermore, the report estimates that the sector could attract as much as $10 billion by the close of the year.