Gaming-Focused Konvoy Ventures Raises $150M With Eye on Blockchain

Konvoy Ventures, a venture capital firm focused on gaming, isn’t fazed by the crises going on with cryptocurrency, having raised $150 million for a new fund which it will announce this week, Bloomberg wrote Wednesday (July 6).

The company said around 20% to 30% will go toward blockchain and crypto-related games.

According to the report, using blockchain and NFTs in gaming has been a target for critics, as some players argue these things don’t add anything to the gaming experience.

Konvoy has put money into Genopets, which is a game letting players grow a NFT pet through real-world physical exercise, and Ready Player Me, a platform for designing virtual avatars that can wear NFTs.

Jason Chapman, co-founder and managing partner of Konvoy, didn’t have a comment on whether the firm had participated in the $150 million funding round to help developer Sky Mavis reimburse Axie Infinity players victimized by a $620 million hack.

And Josh Chapman, Jason’s brother and co-founder of the company, said Konvoy will be looking into making token-based investments rather than looking into equity.

He said that outside of crypto, Konvoy has plans to back more typical gaming startups such as those working on infrastructure and industries like fashion, healthcare and education.

Konvoy was one of numerous firms joining Czech venture capital fund Presto Ventures on portfolio investments, PYMNTS wrote.

See also: VC Firm Presto Ventures Raises $36M for B2B Startups

This comes as Presto wrapped a €30 million funding round to help early-stage B2B startups in Central and Eastern Europe.

The funding will be used to help support around 40 B2B tech startups at the seed and pre-seed stages, helping them with access to capital, growth and business developments.

Others helping Presto are Y Combinator, Taavet+Sten, Point Nine Capital, Credo Ventures and more.