E-sports, gaming and interactive media 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’s going to put cash in firms and startups at any enterprise improvement stage. Aside from fairness funding, the token fund will even spend money on cryptocurrencies and nonfungible tokens (NFTs).
So as to present regulated funding alternatives, Bitkraft acquired an funding advisor registration from the US Securities and Alternate Fee in June 2021.
The brand new token fund is led by Piers Kicks, a founding accomplice within the funding arm of crypto analysis agency Delphi Digital. Kicks joined Bitkraft earlier this 12 months to guide the corporate’s funding efforts in crypto and NFTs.
Bitkraft acknowledged that the fund has already closed six investments together with initiatives like Yield Guild Video games (YGG), Immutable, Alethea AI and Horizon Video games. Each YGG and Alethea are direct token investments, Kicks instructed Cointelegraph. “We had been solely capable of announce the funding after last closing, however have been actively deploying from it,” he added.
Whereas the fund has primarily invested in startups constructing on the Ethereum blockchain, Kicks acknowledged, “We undertake a chain-agnostic method and assess every undertaking on a case-by-case foundation. We’re starting to see some thrilling exercise on Solana, and will likely be intently monitoring early gaming initiatives in that ecosystem.”
Associated: Axie Infinity developer secures $152M in Collection B funding from traders
In keeping with Bitkraft Ventures founding basic accomplice Jens Hilgers, the fund is trying to spend money on about 25 extra firms by the top of 2022. The enterprise capital agency has greater than $540 million in belongings below administration as of Oct. 1, 2021, with a portfolio spanning greater than 60 firms throughout North America, Europe and Asia.
The gaming business has proved ripe for crypto adoption, with many new use instances for decentralized finance (DeFi) and NFTs. Blockchain sport Axie Infinity has emerged as some of the widespread Ethereum-based NFT video games this 12 months, 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 sport on Solana.