BITKRAFT Ventures closed its new fund after raising $165 million, some $40 million above its initial target of $125 million, the company said Thursday.
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The San Francisco-based venture capital firm, founded in 2017, is focused on gaming, esports and interactive media. It has already invested in 32 companies from the fund, BITKRAFT said via email. Those include recent investments in Carbonated Games, Boom, Playbrain and Gamezop, a multi-game platform that announced on Wednesday a BITKRAFT-led $4.3 million Series A financing round that also included participation from Velo Partners, FJ Labs and Survam Partners.
Forbes reported on a Unity Technologies report in June that gaming is a $160 billion industry with a global audience of 2.7 billion gamers. The report also said that the gaming industry may be recession proof, showing an increase of nearly 50 percent in daily active users of HD games due to COVID-19.
With this new fund, and BITKRAFT’s inaugural Pre-Seed Fund launched in 2017, the firm has built a portfolio spanning more than 50 companies across North America, Europe and Asia.
“At BITKRAFT, we don’t just support forward-thinking entrepreneurs with capital, but also provide experience, resources, and our global network,” said Jens Hilgers, BITKRAFT Ventures founding general partner, in a written statement. “While we are living in challenging times, our industry is experiencing strong tailwinds and unprecedented opportunities. There is no better time for BITKRAFT to invest.”
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