Gaming VC Bitkraft launches $75M funding fund for blockchain gaming
E-sports funding platform Bitkraft VC has established a $75 million token fund for investing in blockchain gaming and digital leisure.
The fund makes use of a “stage-agnostic” technique, that means that it’ll put cash in corporations and startups at any enterprise growth stage. Apart from fairness funding, the token fund can even spend money on cryptocurrencies and nonfungible tokens (NFTs).
In order to offer regulated funding alternatives, Bitkraft received an funding advisor registration from the United States Securities and Exchange Commission in June 2021.
The new token fund is led by Piers Kicks, a founding companion within the funding arm of crypto analysis agency Delphi Digital. Kicks joined Bitkraft earlier this yr to steer the corporate’s funding efforts in crypto and NFTs.
Bitkraft said that the fund has already closed six investments together with tasks like Yield Guild Games (YGG), Immutable, Alethea AI and Horizon Games. Both YGG and Alethea are direct token investments, Kicks informed Cointelegraph. “We were only able to announce the funding after final closing, but have been actively deploying from it,” he added.
While the fund has primarily invested in startups constructing on the Ethereum blockchain, Kicks said, “We adopt a chain-agnostic approach and assess each project on a case-by-case basis. We are beginning to see some exciting activity on Solana, and will be closely monitoring early gaming projects in that ecosystem.”
Related: Axie Infinity developer secures $152M in Series B funding from buyers
According to Bitkraft Ventures founding normal companion Jens Hilgers, the fund is seeking to spend money on about 25 extra corporations by the top of 2022. The enterprise capital agency has greater than $540 million in property below administration as of Oct. 1, 2021, with a portfolio spanning greater than 60 corporations throughout North America, Europe and Asia.
The gaming trade has proved ripe for crypto adoption, with many new use instances for decentralized finance (DeFi) and NFTs. Blockchain recreation Axie Infinity has emerged as one of the vital common Ethereum-based NFT video games this yr, with its native token AXS reaching a brand new all-time excessive above $155 on Monday. In September, blockchain gamification platform DeFi Land raised $4.1 million to launch a brand new DeFi recreation on Solana.