Venture capital outfit The Games Fund has created a $50 million pot to invest in companies at an early stage.
The firm says it will be dolling out around $2 million each for companies who are between pre-seed and Series A funding rounds, with a maximum of $5 million taking into account future funding or collaborations with other investors. The Games Fund has already made investments but has not said where it has placed these bets.
The Games Fund is a new VC outfit headed up by managing partners Maria Kochmola and Ilya Eremeev. Kochmola has worked at MGVC, My.Games' venture capital arm, since it launched in 2017, while Eremeev has held roles at the likes of Sperasoft and My.Games.
"Games have emerged as the largest market in mainstream entertainment, with explosive growth over the past year and further acceleration expected in 2021 and beyond," Kochmola said.
"Initially we were targeting a $30M fund, but we underestimated interest from investors to the games industry and are now well over our initial goal. We are close to $50M and still have some room but expect to close the fundraising by the end of summer."
The Games Fund is the latest finance company looking to get into the games space. In August last year, March Capital launched a $60 million games startup fund.