Gaming venture capital firm Konvoy confirmed that it has launched a new $150 million fund, with some of that money set to be invested in crypto and blockchain-based games. Reports indicate that Konvoy plans to fork out $30 million to back these games.
The American company announced the launch of Konvoy Fund III, with $150 million in the capital that it wants to invest in various platforms and technologies in the global gaming industry. Around 30% ($45 million) of the fund will go to the gaming space according to Bloomberg.
Konvoy is not a stranger to the world of blockchain-based games and crypto. The company boasts an impressive portfolio that features gaming firms and projects that it has funded, including the likes of Metaverse avatar platform Ready Player Me, Axie Infinity creators Sky Mavis, and open-world nonfungible token (NFT) game Genopets.
The company has invested in up to 35 firms to date via its two funds across the Middle East, North America, Africa, Europe, and South-East Asia.
Buy Crypto NowInterest in blockchain games has grown over the past year, with play-to-earn (P2E) and NFT-featuring games acting as the primary focal points in the sector. Notably, there has been no shortage of funding, with Konvoy’s latest fund coming after a $32 million investment made by Animoca Brands, WeMade, and Samsung Next into Planetarium Labs.
A recent report from DappRadar also showed continued interest in GameFi projects. The likes of Dapper Labs and A16z have pledged around $1.3 billion in investments in GameFi and metaverse projects and various technologies.
