Esports, 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’ll put cash in corporations and startups at any enterprise growth stage. Other than fairness funding, the token fund may even spend money on cryptocurrencies and nonfungible tokens (NFT).
With the intention to present regulated funding alternatives, Bitkraft obtained an funding advisor registration from the US Securities and Trade Fee in June 2021.
The brand new token fund is led by Piers Kicks, a founding associate within the funding arm of crypto analysis agency Delphi Digital. Kicks joined Bitkraft earlier this yr to steer the corporate’s funding efforts in crypto and NFTs.
Bitkraft acknowledged that the fund has already closed six investments, together with initiatives similar to 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 in a position to announce the funding after remaining 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 mission on a case-by-case foundation. We’re starting to see some thrilling exercise on Solana and might be intently monitoring early gaming initiatives in that ecosystem.”
Associated: Axie Infinity developer secures $152M in Collection B funding from traders
In line with Bitkraft Ventures founding normal associate Jens Hilgers, the fund is trying to have invested in about 25 extra corporations by the tip 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 corporations throughout North America, Europe and Asia.
The gaming business has proved ripe for crypto adoption, with many new use circumstances 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.