Convoy Ventures puts on a 150 million dollar fund to support Web3, gaming company,
Convoy Ventures puts on a 150 million dollar fund to support Web3, gaming company,
- convoy ventures, which previously supported the struck crypto gaming developer Sky Mavis, has launched a new fund that is aimed at aspiring game studios
- Web3 technology, platforms and other different technologies will be the goal of the fund, said convoy
The early phase investment company Konvoy Ventures announced on Wednesday that it has put up a multi-million dollar fund for aspiring gambling companies that focus on a number of industries, including web3.
The new 150 million dollar fund called Convoy Fund III (KFIII) will concentrate on pre-seed, seed and Series A financing for companies that create assets in various industries, including education and healthcare.
After the start of KFIII, convoy said that his managed assets would increase to $ 270 million. Despite a For web3 tech hopes that his The latest funds will contribute to bringing investors into contact with projects both in the emerging blockchain sector and with traditional game studios.
"Pandemie was an adrenaline shock for the gaming industry because more and more people were playing as a source of entertainment and also a way to stay social with their remote communities," said Jason Chapman, Managing Partner of convoy, in the explanation.
approximately at this time, in 2020, the VC launched its second fund worth around $ 65 million to benefit from growth in the gambling sector.
convoy was founded in 2017 and mainly focuses on the North American, European and African markets with plans to expand to Latin America, India, South Korea and Southeast Asia, it said.
The portfolio of the company resident company consists of 33 companies that together raised $ 450 million of follow-up finance and supported blockchain gaming developers, including the once promised Sky Mavis, creator from Axie Infinity.
convoy last year also took part in a financing round of $ 8.3 million for the NFT game Genopets.
axie has been practically on the spot in the past few months, which is reflected in the weekly NFT sales volume on its platform, which has decreased by more than 99 % from $ 753 million to $ 3 million since its high in November. The native token of genopets, genes, fell by more than 77 % of its all-time high of $ 37.79, which was also a high November
Nevertheless, Konvoy said that the 200 billion dollar video game industry and the blockchain and crypto industry offer a variety of other options for the implementation of their "proactive and theses-driven" approach.
"This new fund will not only enable us to concentrate on additional geographical regions, but also in new types of companies and technologies," said Jackson Vaughan, another Managing partner of convoy. "If there is an important teaching from this time [Pandemic] in which the world has experienced an unprecedented change, it is that there is such an enormous opportunity."
Convoy said it is planning to expand his team to 15 to 20 employees by the end of 2023 and will try to provide more capital for around 30 companies in the early phase in the next two and a half years.
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After convoy ventures put a 150 million dollar fund to support Web3, Gaming Firms first appeared on block works.