Three companies have set their sights on the world of Web3 gaming, pooling their resources to establish a $100 million fund. The fund pledges to be “ecosystem-agnostic,” broadly using its network to develop promising businesses in this growing sector.
Related: MATIC Token Might Undergo Bullish Growth in 2024
Immutable, Polygon Labs and King River Capital have joined forces to raise $100 million for a new Web3 gaming fund. The fund, dubbed the Inevitable Games Fund (IGF), is “ecosystem-agnostic” and will invest in rapidly growing early-stage Web3 gaming startups, the three companies announced on Tuesday.
King River Capital will take the lead in managing the fund’s investment activities, leveraging its extensive experience in the venture capital landscape. Meanwhile, Immutable and Polygon Labs, renowned for their prowess in blockchain technology, will offer valuable insights and specialized knowledge in sourcing deals and navigating the intricacies of Web3 gaming.
Brendan Ma, head of investments at Immutable, said that the fund has already completed its first closing at $30 million out of the planned $100 million size. He noted that discussions about establishing the fund began as early as mid-last year.
The fund snagged an anchor commitment from Alpha Wave Ventures (backed by Alpha Wave Global and Chimera Capital of the Abu Dhabi Royal Group), along with other pledges from Merit Circle, Mike Arrington, Sandeep Nailwal of Polygon Labs, and the co-founders and brothers of Immutable, James and Robbie Ferguson.
When asked why the fund is launching right now, Ma quipped that this year is crucial for Web3 gaming. “Studios are now getting funding after two to three years, which means we’re expected to see the culmination of years-long curation processes finally bearing fruit and reaching players,” he said.
It’s anticipated that this year will be a milestone for Web3 games, and we want to make sure the industry keeps moving forward. IGF exists to fund the next wave of projects that will follow this one, and to propel the industry forward not just in the short term, but in the long term.
The fund has already made seven early-stage investments, including Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. Looks like they’re already gaming the system in style!
The Collaboration of Immutable, Polygon, and King River Capital
These three firms aren’t exactly strangers to each other. Immutable’s zkEVM mainnet, a gaming-focused blockchain, runs on the Polygon platform, and King River happens to be an investor in Immutable. In 2022, Immutable launched its own developer fund and a $500 million venture fund to support gaming and NFT startups based on its Layer 2 Immutable X platform.
Meanwhile, over the past few years, Polygon Labs has launched several funds and joint initiatives to support startups in gaming and other sectors.
Much like how mobile games went from practically zero in 2008 to 79% of gamers playing on mobile devices today, we believe a similar shift has only just begun in Web3 technology. Designed to capitalize on this multi-billion-dollar shift in spending towards this revolutionary new technology.
Zeb Rice, co-founder and managing partner of King River Capital in a statement
Read More:
- Solana’s DEX Faces Million-Dollar Exploit
- Solana’s PlayGG Event: Flipping the Crypto Gaming Narrative
- SEC Lawsuits Shake Solana, Polygon, and Cardano
This fund is not merely an investment opportunity, it’s a strategic move to ride the wave of change and capitalize on the monumental shift towards Web3 technology. The journey has begun, and with each investment, and each partnership forged, the vision of a vibrant, decentralized gaming ecosystem draws closer to realization.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL.FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL.FM strongly recommends contacting a qualified industry professional.
