Investment outfit Gem Capital has plans to invest $50 million in Eastern European game studios.

As reported by GamesBeat, the firm is looking to back a variety of products, including PC and console, VR and mobile. The newly-announced $50 million fund is set to be used in the next two or three years.

Gem Capital was founded in 2017 by Russian PwC vet Anatoly Paliy and is based in Cyprus. In the past, the company has backed Mundfish of Atomic Heart fame, as well as projects from Owlcat Games and Red Rover Interactive. 

“Gem Capital believes that PC and console game developers will create an ecosystem around their intellectual properties (IPs), such as TV series, movies, mobile games, and music," one of the outfit's managing directors, Kirill Gurskiy, said.

"Successful IPs must be present on all platforms (PC/console/mobile) and across all spectrums of entertainment. This will generate more interest in the IPs and drive more players to the games, as it appeals to a broader audience.”

Gem Capital partner Alex Bykhovskiy added: “Founders, team, and vision are the key factors in our investment decisions. While we invest globally, our focus is on studios with Eastern Europe, Cyprus, and the Middle East origins."