Home CryptoNews Companies Konvoy Ventures Secures $150M to Develop Web3 Gaming

Konvoy Ventures Secures $150M to Develop Web3 Gaming

Early-stage gaming VC, Konvoy Ventures, just raised $150 million fund to invest in gaming, targeting web3 and the blockchain-based gaming industry.

On July 6, Konvoy Ventures, announced that the fund will also boost companies in the education and healthcare space. However, the venture capital firm aims to spend about 20 to 30 per cent of the raised money on blockchain and crypto-related games. Initially, the fund will focus on the US, Europe and African market while expanding to Asia and South America gradually.

How Will the New Fund be Allocated?

Konvoy Ventures Secures $150M Eyeing Web3 Gaming Space

According to reports, the fundraise will concentrate on pre-ssed,seed and Series A gaming companies in a number of different gaming verticals. Konvoy also plans to invest in around 30 early stage companies over a period of the next three years. Jason Chapman, managing partner at Konvoy Ventures, reiterated, that that there is an enormous opportunity in the upcoming Web 3 gaming sector. He added,

“This new fund will not only allow us to focus on additional geographic regions but also new types of companies and technologies.”

Josh Chapman, Jason’s brother and co-founder of the company, said Konvoy will be looking into making token-based investments rather than looking into equity.He asserted that apart from crypto, Konvoy, will continue to support other gaming start-ups including companies that develop gaming infrastructure in the fields of fashion, health care and education. Josh expressed,

“One hundred percent exposure to crypto would not be the right strategy for us, but 0% would also be the wrong strategy.”

The Burgeoning Web 3.0 Gaming Industry

Konvoy Ventures Secures $150M Eyeing Web3 Gaming Space

The Web 3 gaming industry has grown leaps and bounds in the recent times. Many companies have ramped up their infrastructure in an effort to revolutionize the burgeoning crypto gaming sector. Web 3.0 is supposed to be the next big evolution for the internet. It could also dynamically re-shape games and enhance overall gaming experience for the users.

Recently, London-based gaming firm Cauldron, which plans on becoming the “Pixar of web3” through a key element of storytelling closed a $6.6 million seed round and plans to launch its first web3 gaming world, Project Nightshade. Last year, gaming giant, Ubisoft, introduced non-fungible tokens (NFT) for the first time as in-game items with Ubisoft’s Tom Clancy’s Ghost Recon Breakpoint.

In May 2022, Venture capital giant, Andreessen Horowitz (A16Z), launched a massive $4.5 billion fund for crypto and blockchain companies as well as Web3.0 startups. The company also set aside a colossal $600 million ‘Games Fund One, exclusively focused on the gaming industry.

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