Bitkraft Ventures, a global investment platform specializing in gaming and media projects, has recently announced the commencement of a $275 million investment round. Upon completion, the addition of these projects is expected to increase the company’s total assets under management to approximately $1 billion.
Notable companies such as blockchain developer Jungle and CCP, the creator of Eve Online, have previously received investments from Bitkraft Ventures. The company’s second funding round, named Venture II, primarily focused on web3 and blockchain games.
The latest round of funding will primarily be allocated to early-stage gaming projects. According to reports from Dealstreet Asia, at least 15% of the funds have been specifically designated for projects within the Asian sector.
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. In an interview with GamesBeat, Hilgers stated that despite a decline in global gaming industry revenues in 2023, web3 projects have experienced a significant recovery since the fourth quarter of that year. Many analysts attribute this resurgence to the “Bitcoin bounce.”
Carlos Pereira, a partner at Bitkraft Ventures, further emphasized the strength of web3 gaming in the Q4 2023 recovery, noting positive launch activity in recent times and anticipated growth throughout 2024 in an interview with Cointelegraph.
If the success of this latest funding round, which happens to be Bitkraft Ventures’ largest to date, is any indication, it suggests that the private market has made a notable recovery. In contrast, publicly traded gaming and media companies experienced divergence from the private market due to limited capital availability for venture capital deals, as highlighted by Pereira in his conversation with Cointelegraph.