Play Ventures Secures $140 Million for Third Fund
In a groundbreaking move for the gaming industry, Play Ventures, a VC firm based in Singapore, has successfully raised $140 million for its third fund, marking its largest fund to date. With a total AUM of $450 million, Play Ventures aims to drive innovation in early-stage gaming startups, providing support to an industry currently facing significant challenges and layoffs.
Play Ventures Fund – Thriving Amid Industry Turbulence
Amidst challenges and slower growth in the gaming sector over the past few years, Play Ventures views the current landscape as an opportunity to champion bold and innovative ideas within the industry.
Focus on Mobile Gaming and AI
Henric Suuronen, founding partner at Play Ventures, emphasized the dominance of mobile devices in modern society, stating that “mobile gaming is one of the most dynamic arenas of our time.” The new fund will primarily focus on billion-dollar opportunities driven by AI and mobile innovation.
From Fundraising to Action
Since its inception, Play Ventures has wasted no time in investing in eight startups, targeting founders with successful exits. The firm plans to allocate the $140 million across 20 to 25 companies globally, with a focus on early-stage investments ranging from pre-seed to Series A.
Exploring “Playable Apps”
Play Ventures is expanding its scope to include “playable apps,” a new category of consumer apps designed with gaming elements in mind. Phylicia Koh, a partner at Play Ventures, highlighted the potential for increased user engagement and value through this approach.
Betting on AI and Visionary Founders
Play Ventures’ recent investments include Beyond, an AI-driven startup founded by Anton Gauffin, known for his work at Huuuge Games. The company is developing Decor Society, a product combining AI tools with consumer experiences.
A New Frontier: Blockchain Integration
In addition to traditional gaming and mobile innovation, Play Ventures also manages the Play Future Fund, which focuses on blockchain gaming projects. This sub-fund has supported prominent names in the industry, including Ancient 8 and Azra Games.
Supporting Talent and Innovation
Harri Manninen of Play Ventures sees the fund as an opportunity to rebuild the gaming industry’s workforce and support talented individuals who may have been affected by recent layoffs. By investing in promising startups, Play Ventures aims to foster a thriving ecosystem of creative and technical talent.
Proven Success and Growth
Established in 2018, Play Ventures has rapidly expanded, raising $30 million for its first fund and $135 million for its second fund by 2021. The firm’s strategic investments have positioned it as a leading VC for early-stage gaming startups.
Embracing the Future of Gaming
The $140 million raise by Play Ventures underscores the company’s commitment to driving innovation in the gaming industry. With a focus on mobile, AI, and interactive experiences, Play Ventures is poised to shape the future of gaming, offering founders a unique opportunity to bring their creative ideas to life in a challenging market.
