Bitkraft VC is looking to expand its portfolio With a $75M blockchain gaming investment fund
ByShehryar Makhdoom | Published date:
A total of six different companies have already received financing from Bitkraft's new $75 million token funds. Bitkraft VC has formed a $75 million token fund to invest in blockchain gaming and digital entertainment. The platform invests in e-sports, video games, and interactive media investments, among other things.
The fund has a "stage-agnostic" strategy, which means it will invest in firms and startups at any point in its company development. The coin fund will invest cryptocurrency and non-fungible tokens, in addition to stock market investments (NFTs).
This asset manager registration will allow Bitkraft to offer regulated investment alternatives when the SEC approves it in June 2021.
The founder of Delphi Digital's investment arm Piers Kicks is in charge of the new token fund's operations. This year, Kicks has been working with Bitkraft as the company's director of crypto and NFT investments.
To date, Bitkraft's fund has invested in six projects, including YGG, Immutable, Alethea AI, and Horizon Games. In addition, kicks revealed to Cointelegraph that he had made direct token investments in YGG and Alethea. The money was announced after the final close, but he continued the company had already begun deploying funds from it.
While the fund has mainly invested in startups building on the Ethereum blockchain, Kicks stated, “We adopt a chain-agnostic approach and assess each project on a case-by-case basis. We are beginning to see some exciting activity on Solana, and will be closely monitoring early gaming projects in that ecosystem.
By the end of 2022, Jens Hilgers, Bitkraft Ventures' founding general partner, expects the fund to have invested in around 25 more firms in total. As of Oct. 1, 2021, the venture capital firm managed $540 million in assets across 60 North America, Europe, and Asia.
Gaming has proven to be a fertile ground for cryptocurrencies to thrive, with numerous novel applications for decentralized finance (Defi) and non-centralized tokens (NFTs). The Ethereum-based NFT game Axie Infinity, based on aspects AXS reaching a new all-time high above $155 on Monday, has emerged as one of the most popular blockchain games this year. With a $4.1 million funding round in September, blockchain gamification platform Defi Land is gearing up for a new Defi game launch on the Solana blockchain!