Konvoy Ventures, a venture capital firm, plans to invest at least $30 million to support numerous games using crypto and blockchain technology.
With $150 million in funding, the American company announced the opening of Konvoy Fund III, which it intends to invest in a range of platforms and technologies in the international gaming industry. Up to 30% ($45 million) of the fund, according to Bloomberg, will be devoted to the crypto and blockchain gaming industry.
The realm of crypto and blockchain-based gaming is nothing new to Konvoy. The company has an outstanding list of gaming firms and projects that it has supported, such as Ready Player Me, the Metaverse avatar platform, and the open-world NFT game Genopets.
Through its first two funds, the company has so far made investments in 35 businesses throughout North America, Europe, the Middle East, Africa, and South-East Asia.
Over the past year, interest in blockchain-based games has grown, with play-to-earn and NFT-featured games becoming major industry focal areas. There hasn’t been a lack of funding however, with Konvoy’s most recent round coming after Animoca Brands, Samsung Next, and WeMade invested $32 million in Planetarium Labs.
The interest in GameFi projects has remained, according to a recent DappRadar study. A16z and Dapper Labs, for example, have promised to invest about $1.3B in initiatives and technology related to GameFi and the Metaverse.