Griffin Gaming Partners, a VC firm that focuses on gaming-related investments, has announced the formation of its second gaming-related fund. The fund, allegedly oversubscribed, raised $750 million to finance gaming innovations such as Web3-based and blockchain projects. Griffin Gaming Partners currently has an AUM of over $1 billion.
Griffin Gaming Partners Announces the Closing of a Large Gaming-Related Fund:
Griffin Gaming Partners has announced the creation of its second gaming-related fund, which will invest in seed and growth rounds of firms developing blockchain-based or conventional games. The fund, which raised $750 million after being oversubscribed, is one of the largest dedicated to interactive entertainment ventures.
According to the firm’s statistics, gaming has surpassed movies, music, and books as the most popular source of entertainment. According to projections, the industry would rise by 248 per cent over the next decade. Griffin Gaming Partners is reported to be motivated by this potential to engage aggressively in the sector.
One of the firm’s founding partners, Peter Levin, confirmed the method the cash will be utilized. In an interview with Forbes, he remarked: We’re not a get-rich-quick scheme. We will not have 70 firms in our portfolio at any given moment. We’re going to keep taking that systematic approach.
With this investment, the business now has more than $1 billion in assets under management, including the $235 million raised in November from its inaugural fund.
Web3 and Metaverse Expansion:
While statistics imply that interest in metaverse and NFTs has fallen recently, businesses are still banking big on the future of this blockchain-based technology that may be used in gaming. Alethea AI, a protocol that lets users design smart NFTs, and Chill Chat, a Solana-based metaverse game platform, are two firms that the firm has previously invested in.
On the other hand, Gryphon Gaming Partners invests in firms that aren’t classed as gaming but are at the crossroads of other technology and gaming. This is why the corporation has already invested in efforts such as Discord, a messaging service that is not a game company but is related to gaming.
Griffin Gaming Partners, according to Nick Tuosto, managing partner, will be able to expand its gaming reach with these complementary assets. He went on to say: Our concept is that, with our focused attention and analytical skills, we can make sense of massive amounts of data and see around corners.