Bitkraft Ventures on Path to $1 Billion Total Assets with New $275M Investment Round in Gaming Projects
Summary:
Bitkraft Ventures has announced the launch of a $275 million investment round, intending to boost early-stage gaming projects, with at least 15% funds reserved for Asian market initiatives. This move is expected to raise Bitkraft's total assets to nearly $1 billion. Notably, despite the global gaming industry's revenue decline in 2023, the company has seen a significant recovery in web3 projects, attributed largely to Bitcoin's resurgence.
In the recent news, Bitkraft Ventures, an international financial force for gaming and media endeavors, revealed plans for initiating a new investment cycle with a pool of $275 million. Completion of this venture will reportedly take the total value of the company's managed assets to a whopping $1 billion. Previously, Bitkraft has been known to back significant businesses like Jungle, a blockchain developer, and the renowned CCP, creators of Eve Online, through its past funding rounds. The chief focus of Bitkraft's second funding cycle, referred to as Venture II, was predominantly web3 and blockchain games. The funds from this forthcoming round are forecasted for allocation to nascent gaming ventures. As indicated by Dealstreet Asia, a quota of at least 15% of the total funds has been reserved solely for initiatives in the Asian market.
Sharing his perspective with GamesBeat, Jens Hilgers, a founding associate of Bitkraft Ventures, conveyed that the firm exhibits interest in the forthcoming wave of game studios and developers as well as their creations. He quoted: “Bitkraft Ventures remains as devoted to and hopeful about the future trajectory of the gaming sector as it was when Bitkraft started in 2016. All primary gaming platforms showed continued expansion by various measures such as user interaction, activity rates, and monetization. Recently established game studios have encountered significant successes in the past years, and the integration of AI in game production is set to further facilitate newcomers in the domain."
In spite of a marked drop in global revenues for the gaming industry in the year 2023, web3 initiatives have seen an impressive recovery from the fourth quarter of the same year — a resurgence largely attributed to Bitcoin rebound. As per a previous discussion with Cointelegraph, Carlos Pereira, a partner at Bitkraft Ventures, opined, "web3 gaming made a resilient segment in the Q4 2023 bounce back, displaying a positive launch activity both recently and anticipated in 2024." Given the success of this most recent funding round, the biggest one ever held by Bitkraft, it can be inferred that the private market seems to be on the mend. Regarding publicly traded gaming and media corporations, Pereira mentioned to Cointelegraph, that it was only natural to observe a certain disparity between public and private markets when VC deals were capital scarce.
Published At
4/4/2024 9:36:37 PM
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