Esports, gaming and interactive media investment platform Bitkraft VC has established a $75-million token fund for investing in blockchain gaming and digital entertainment.
The fund uses a “stage-agnostic” strategy, meaning that it will put money in companies and startups at any business development stage. Apart from equity investment, the token fund will also invest in cryptocurrencies and nonfungible tokens (NFT).
In order to provide regulated investment opportunities, Bitkraft received an investment advisor registration from the United States Securities and Exchange Commission in June 2021.
The new token fund is led by Piers Kicks, a founding partner in the investment arm of crypto research firm Delphi Digital. Kicks joined Bitkraft earlier this year to lead the company’s investment efforts in crypto and NFTs.
Bitkraft stated that the fund has already closed six investments, including projects such as Yield Guild Games (YGG), Immutable, Alethea AI and Horizon Games. Both YGG and Alethea are direct token investments, Kicks told Cointelegraph. “We were only able to announce the funding after final closing but have been actively deploying from it,” he added.
While the fund has mainly invested in startups building on the Ethereum blockchain, Kicks stated, “We adopt a chain-agnostic approach and assess each project on a case-by-case basis. We are beginning to see some exciting activity on Solana and will be closely monitoring early gaming projects in that ecosystem.”