Web3 Games VC, BITKRAFT, Raises $220M for Second Token Fund

You only need to search “BITKRAFT” on Token Gamer to see how many times we have mentioned the Web3 venture capitalist firm. They have become ubiquitous in blockchain gaming and a major force for growth. Now, BITKRAFT has raised another $220m for their second token fund.

There have been two names in the space that appear to be involved in every project, announcement, and funding round: Animoca Brands and BITKRAFT. Blockchain gaming — and Web3 as a whole — is teeming with potential and that’s the reason any of us are here. However, unlike when we started in 2018, the sheer volume of talent in the space is far higher and so is the investment. This is why VCs such as BITKRAFT are laying so much groundwork.

Let me give you a small selection of funding involvements BITKRAFT have had: we’ve got EVE Online’s CCP and their $40m raise, metaverse AVALON’s $13m round, and mobile-centric gaming developer, Jungle, with their $6m injection. That selection is some of the announcements from only the last month. This is what is meant by ubiquity in Web3 gaming when we talk of BITKRAFT. One-third of BITKRAFT’s $600m worth of assets under management are Web3.

In October 2021, BITKRAFT launched a $75m fund, and this latest filing with the SEC is their second, this time for $220.6m, although the total target is $240m. BITKRAFT, of course, aren’t about to spill their investment strategy, but has confirmed that it is Web3 gaming that drives them.

We’re gaming investors, first and foremost, with an operating and investing background that precedes the Web3 gaming bull run by a lot […] We’re focused on underwriting great games with the tools that we have. Now in crypto, with the experience that we have as players, we want to see the economic rails evolve.

— Carlos G. Pereira, Partner at BITKRAFT, to Coindesk

BITKRAFT is one of the most important organizations in Web3 and a crucial catalyst for growth in blockchain, even if that is the byproduct of the VC’s goal. Many of the moves the company is making are unlikely to pay off in the short term in any meaningful way, but if even a handful of these moves are successful as the sector blooms, it will be monumental.

 

Robert Baggs
Robert Baggs
Full-time professional crypto writer and Editor of Token Gamer. Co-host of the Mint One Podcast. Obsessed with MMOs. London based. Primary holdings: WAXP, ENJ, & BTC. Secondary holdings: ETH, GALA, & MATIC

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