- Griffin Gaming Companions has introduced a $750 million fund which now makes it one of many largest VC companies concentrating on the gaming business solely.
- The agency will deal with Web3 and blockchain-based play-to-earn video games, with greater than half the corporate’s investments in 2021 going to this quickly rising sector.
As blockchain-based video games explode in recognition, buyers are piling in to spend money on the subsequent massive factor. Griffin Gaming Companions is among the companies main this march, and in its newest fundraising spherical, the agency introduced in $750 million to spend money on blockchain and Web3 gaming ventures. It now turns into one of many largest funds concentrating on gaming startups, with its leaders touting blockchain and digital asset integration in videogames as one of the vital vital leaps in gaming historical past.
In its March 7 announcement, the agency revealed that its second fund had been oversubscribed as buyers clamor for alternatives in gaming. The corporate had raised $250 million in its first fund and has invested in massively profitable initiatives together with messaging platform Discord, gaming blockchain Forte, cell tech agency AppLovin and extra.
With over $1 billion in property underneath administration, Griffin is now one of many largest VC funds singularly targeted on the worldwide gaming market.
Gaming has turn out to be one of many greatest industries globally, with the COVID-19 lockdowns fuelling the business’s development even additional as video games like Fortnite gained mainstream recognition. In response to NewZoo, the sector generated $180 billion in revenues in 2021 and is predicted to hit $256 billion in 2025. Over 3 billion individuals spend at the least an hour enjoying a recreation day by day, making gaming greater than motion pictures, music, and books mixed.
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Even because it invests in gaming startups that present promise, Griffin might be principally targeted on Web3 and blockchain video games. The sector has exploded over the previous yr as gamers acknowledged the incomes potential play-to-earn video games current.
Nick Tuosto, the managing associate at Griffin told one information outlet:
Net 3 is one among our central theses from a macro perspective inside video games. It’s our view that the enablement of digital asset possession inside video games often is the single most essential technological unlock within the historical past of video games.
Since its inception to this point, Griffin has invested in 16 ventures associated to Net 3, accounting for greater than half the deployed capital, the corporate revealed.
Phil Sanderson, a managing director on the agency summarized the corporate’s method to funding, “We sort of set out with some common parameters that we’d be half early-stage, half late-stage, which was just about precisely what the primary fund was.”
“And we’re already monitoring equally with Fund Two. We’re half content material, half infrastructure platform, after which roughly half home and half worldwide, and that’s performed out, even with Covid.”
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