Esports investment platform Bitkraft VC has set up a $ 75 million token fund to invest in blockchain games and digital entertainment.
The fund pursues a “phase-independent” strategy, which means that the fund allows money to flow into companies and start-ups at every phase of business development. In addition to equity investments, the token fund will also invest in cryptocurrencies and unusable tokens (NFTs).
In order to offer regulated investment opportunities, Bitkraft received registration as an investment advisor from the US Securities and Exchange Commission in June 2021.
The new token fund will be led by Piers Kicks, a founding partner in the investment arm of crypto research firm Delphi Digital. Kicks joined Bitkraft earlier this year to lead the company’s investment efforts in crypto and NFT.
Bitkraft announced that the fund has completed six investments, including projects such as Yield Guild Games (YGG), Immutable, Alethea AI and Horizon Games. Both YGG and Alethea are direct token investments, Kicks told Cointelegraph. “We were only able to announce the financing after the last tranche had expired, but have been active since then,” he added.
While the fund invests primarily in startups built on top of the Ethereum blockchain, Kicks said, “We take a chain-independent approach and evaluate each project on a case-by-case basis. We are seeing some exciting activity on Solana and will be closely monitoring early gaming projects in this ecosystem. “
Related: Axie Infinity developer receives $ 152 million in Series B capital from investors
According to Jens Hilgers, founding general partner of Bitkraft Ventures, the fund intends to invest in around 25 more companies by the end of 2022. The venture capital company had more than $ 540 million in assets as of the end of 2022. October January 2021 with a portfolio of more than 60 companies in North America, Europe and Asia.
The gaming industry has proven ripe for the adoption of crypto with many new use cases for decentralized finance (DeFi) and NFTs. The blockchain game Axie Infinity has become one of the most popular Ethereum-based NFT games this year, with its native token AXS hitting an all-time high of over $ 155 on Monday. In September, blockchain gaming platform DeFi Land raised $ 4.1 million to launch a new DeFi game on Solana.