Bitkraft Ventures, a global investment platform specializing in gaming and media projects, has recently unveiled a new investment round worth $275 million. This influx of funds will bring the company’s total assets under management to approximately $1 billion.
Bitkraft Ventures has previously invested in well-known companies like blockchain developer Jungle and CCP, the creator of Eve Online. Their second funding round, called Venture II, primarily focused on Web3 and blockchain games.
The latest round of investment will be directed towards early-stage gaming projects, with a specific emphasis on the Asian sector. Dealstreet Asia has reported that at least 15% of the funds have been earmarked for projects in this region.
Jens Hilgers, one of the founding partners at Bitkraft Ventures, expressed the company’s interest in supporting the next generation of studios, developers, and games. According to an article, while the gaming industry experienced a considerable decline in revenue in 2023, Web3 projects have made a significant recovery since the fourth quarter of that year, which many analysts attribute to the resurgence of Bitcoin.
Carlos Pereira, a partner at Bitkraft Ventures, highlighted the strength of Web3 gaming during the recovery in the fourth quarter of 2023. In an interview with Cointelegraph, Pereira stated, “Web3 gaming has shown positive launch activity in both recent times and is expected to continue this trend in 2024.”
If this latest funding round, which is the largest for Bitkraft Ventures so far, is any indication, it suggests that the private market has made a notable recovery. Pereira further explained to Cointelegraph that during a period when venture capital deals lacked abundant capital, it was expected that there would be some divergence between the public and private markets for gaming and media companies.