TLDR:
- Immutable, King River Capital, and Polygon Labs have set up a USD 100 million “Inevitable Games Fund” for Web3 gaming opportunities
- Alpha Wave Ventures, Merit Circle, Mike Arrington, and Steve Kokinos have already committed to the fund
To capture the opportunities in the Web3 gaming industry, Web3 gaming developer platform Immutable, venture capital company King River Capital, and Ethereum developer Polygon Labs have joined hands to set up USD 100 million “Inevitable Games Fund” (IGF). According to the official statement, Immutable and Polygon Labs will be tasked to identify prospective investment opportunities. King River, on the other hand, will manage the process and deploy capital to gaming studios and Web3 infrastructure firms. IGF will be privately offered and is only open for investment by certain types of professional and sophisticated investors. Notably, it has already secured a commitment from Alpha Wave Ventures (backed by Alpha Wave Global and the Abu Dhabi Royal Group’s Chimera Capital) along with Merit Circle, Mike Arrington (Co-Founder of CrunchFund and Arrington Capital), and Steve Kokinos (Sonic Boom Ventures and former CEO of Algorand). It has identified several investment opportunities and warehoused seven early-stage investments such as Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan. “Spending on video games exceeds the global revenue from movies, streaming TV, and the music industry, combined, and it is ripe for a huge technology shift. The Fund provides investors with an opportunity to gain unique access to the best web3 gaming projects globally and is designed to benefit from this multi-hundred billion dollar shift in spending to this disruptive new technology,” shared Zeb Rice, Co-Founder and Managing Partner, King River Capital. “Our combined expertise, global relationships, and industry reach ideally position the Fund to identify and invest in the best web3 gaming and gaming infrastructure opportunities globally,” said Robbie Ferguson, Co-Founder, Immutable. Since 2018, the sector has seen investments worth USD 19 billion. Blockchain gaming investments reached USD 1.7 billion in 2023. Notably, a significant part of that has flowed to the 270+ blockchain games in development on Immutable. PwC’s 2023 report estimated that the USD 227 billion gaming revenue will touch USD 312 billion in 2027 at a CAGR of 7.9 per cent.
