Venture capital firm Griffin Gaming Partners has raised $750 million for its venture fund exclusively dedicated to gaming. The newly acquired capital has pushed the total asset under management (AUM) to $1 billion which makes Griffin’s gaming fund one of the largest of its kind.
Key takeaways:
- According to Monday’s press release, the fund’s goal is “to unlock transformational opportunities” in the gaming market, ranging from gaming-related software and platforms to Web3-oriented projects.
- The company has previously invested in some of the biggest companies in the industry, including the popular messaging app Discord and blockchain-powered gaming platform Forte.
- Per market research firm DFC Intelligence, 3.1 billion people spend one hour per day playing games, generating more than $1.7 billion per week on mobile games alone. According to Newzoo, the industry is projected to grow by an additional 248% over the next ten years.
- Griffin Gaming Partners was founded in 2019 by Phil Sanderson, Peter Levin, and Nick Tuosto, who previously served as advisors to tech giants such as Tencent, Rovio, and AT&T. The fund was established as a means to pursue good investment opportunities in the gaming industry and as a passion project, as all three founders are ardent gamers themselves.
- “With over $1B of AUM, we have extensive relationships, honed perspectives, and the creative instincts to uncover hidden gems, find synergistic partnerships, and structure complex deals that impact the gaming ecosystem,” wrote Levin, Griffin Gaming Partners’ Managing Director.
- In related news, major cryptocurrency exchange FTX launched the FTX Gaming unit last week to encourage more game publishers to embrace blockchain. In December, Solana pledged to invest $150 million in GameFi projects building on the Solana blockchain.
