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, which means that it’s going to put cash in firms and startups at any enterprise growth stage. Other than fairness funding, the token fund will even put money into cryptocurrencies and nonfungible tokens (NFTs).
As a way 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 instructed Cointelegraph. “We have been solely in a position to announce the funding after closing 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 strategy and assess every venture on a case-by-case foundation. We’re starting to see some thrilling exercise on Solana, and can be carefully monitoring early gaming tasks in that ecosystem.”
In line with Bitkraft Ventures founding common associate Jens Hilgers, the fund is seeking to put money into about 25 extra firms by the top of 2022. The enterprise capital agency has greater than $540 million in belongings underneath 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 recreation Axie Infinity has emerged as one of the well-liked 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 recreation on Solana.