Griffin Gaming Partners – one of the world’s largest gaming-focused venture funds – has raised $750 million to be focused on the industry, partially including the web 3 / blockchain-based gaming segment.
Founding partner Nick Tuosto told Forbes that the fund’s definition of “gaming” includes gaming content creation, platforms for social communication surrounding games, and blockchain/ web 3 related titles.
This second fund is far larger than the company’s first, which was worth $235 million and spread money to 13 companies.
The oversubscribed fund reportedly brings Griffin’s assets under management above $1 billion.
“We’re not a spray-and-pray fund,” said Peter Y. Levin – founding partner at Griffin. “We’re not going to have 70 companies in the portfolio at any given time. We’re going to continue to take that disciplined approach.”
DDM Games released an investment review last week that found that gaming investments and acquisitions more than tripled between 2021 and 2021 in all major segments. A significant part of these gains was due to investments in blockchain gaming.
NFT platform Immutable X today announced $200 million of new funding. Most of it will be used to expand its gaming studio.
Many companies are now exploring the interplay between crypto and gaming. This includes trying to integrate blockchain assets in gaming worlds.
These efforts were met with a largely negative response from the gaming community, and some attempts have even failed.