Immutable, Polygon Labs, and King River Capital Raise $100M for Web3 Gaming Fund
Immutable, Polygon Labs, and King River Capital have joined forces to establish a new web3 gaming fund called the Inevitable Games Fund (IGF). This fund is โecosystem-agnosticโ and will focus on investing in early-stage, high-growth web3 gaming startups. King River Capital will lead the investment process, while Immutable and Polygon Labs will provide deal sourcing and web3 gaming expertise.
The IGF has already completed its first close at $30 million and aims to raise a total of $100 million. The fund has secured commitments from various investors, including Alpha Wave Ventures, Merit Circle, Mike Arrington, Sandeep Nailwal of Polygon Labs, and Immutableโs co-founders James and Robbie Ferguson.
The Significance of Launching the Fund Now
Brendan Ma, head of investments at Immutable, stated that 2022 is a significant year for web3 gaming. Many studios are now two to three years post-funding, meaning their curated development processes are expected to come to fruition and reach players. Ma believes that this year will be a milestone for web3 gaming, and the IGF aims to fund the next wave of projects that will advance the industry in both the short-term and long-term.
The IGF has already made seven early-stage investments in projects such as Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan.
The Relationship Between Immutable, Polygon Labs, and King River
Immutableโs zkEVM mainnet runs on Polygonโs blockchain infrastructure. Additionally, King River is an investor in Immutable. In 2022, Immutable launched its own $500 million developer and venture fund to support gaming and NFT startups building on its Layer 2 Immutable X platform. Polygon Labs has also launched various funds and initiatives to support startups in gaming and other sectors.
Zeb Rice, co-founder and managing partner at King River Capital, believes that web3 technology will experience a similar growth trajectory to mobile gaming. He sees the IGF as an opportunity to benefit from the shift in spending toward disruptive web3 technology.
The Growing Crypto Gaming Market
The launch of the IGF comes at a time when the crypto market is booming, and funding for gaming projects is on the rise. Last week, Arbitrum Foundation announced a program to invest 200 million ARB tokens (equivalent to about $400 million) in promoting gaming projects on its blockchain over a two-year period.
๐ฅ Hot Take: Web3 Gaming Fund Raises $100M to Support Industry Growth
Immutable, Polygon Labs, and King River Capital have raised $100 million for the Inevitable Games Fund (IGF), a new initiative aimed at supporting early-stage web3 gaming startups. The IGF is expected to play a significant role in advancing the web3 gaming industry by funding innovative projects and driving long-term growth.
This investment fund comes at a crucial time for web3 gaming, as studios are poised to release their highly anticipated games after years of development. The IGFโs commitment to funding the next wave of projects ensures that the industry will continue moving forward and reaching new heights.
With established players like Immutable, Polygon Labs, and King River Capital leading the way, the future looks promising for web3 gaming. As more investors recognize the potential of this disruptive technology, we can expect further investment and innovation in the space.
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