Immutable, Polygon Labs and King River Capital have joined hands to raise $100 million for a new web3 gaming fund.
Immutable, Polygon Labs and King River Capital have teamed up to raise $100 million for a new web3 gaming fund.
Brendan Ma, head of investments at Immutable, told The Block that the fund has already completed its first close at $30 million from its targeted size of $100 million. He noted that discussions about forming the fund began in mid-last year. When asked why the fund is being launched now, Ma said this year is significant for web3 gaming. "Studios are now two to three years post-funding, meaning we are expected to see the culmination of years of curated development processes finally come to fruition and reach players," he said.
The fund has already warehoused seven early-stage investments, including Pixelmon, Metalcore, Guild of Guardians and My Pet Hooligan.The three firms are no strangers to each other. Immutable's zkEVM mainnet, a gaming-focused blockchain, is powered by Polygon, while King River is an investor in Immutable. In 2022, Immutable launched its own $500 million developer and venture fund to support gaming and NFT startups building on its Layer 2 Immutable X platform.
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