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 corporations and startups at any enterprise improvement stage. Aside from fairness funding, the token fund may even put money into cryptocurrencies and nonfungible tokens (NFTs).
With a view to present regulated funding alternatives, Bitkraft received an funding advisor registration from the USA Securities and Change Fee in June 2021.
The brand new token fund is led by Piers Kicks, a founding associate within the funding arm of crypto research firm Delphi Digital. Kicks joined Bitkraft earlier this yr to guide the corporate’s funding efforts in crypto and NFTs.
Bitkraft acknowledged that the fund has already closed six investments together with tasks like Yield Guild Video games (YGG), Immutable, Alethea AI and Horizon Video games. Each YGG and Alethea are direct token investments, Kicks advised Cointelegraph. “We have been solely capable of announce the funding after ultimate 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 mission on a case-by-case foundation. We’re starting to see some thrilling exercise on Solana, and might be carefully monitoring early gaming tasks in that ecosystem.”
In response to Bitkraft Ventures founding basic associate Jens Hilgers, the fund is trying to put money into about 25 extra corporations by the top of 2022. The enterprise capital agency has greater than $540 million in belongings beneath administration as of Oct. 1, 2021, with a portfolio spanning greater than 60 corporations 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 one of the in style Ethereum-based NFT video games this yr, 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.