Griffin Gaming Partners Raises $750 Million To Support Blockchain Gaming
Griffin Gaming Partners – one of the world’s largest gaming-focused venture funds – has raised $750 million to be focused on the industry, partially including the web 3 / blockchain-based gaming segment.
- Founding partner Nick Tuosto told Forbes that the fund’s definition of “gaming” includes gaming content creation, platforms for social communication surrounding games, and blockchain/ web 3 related titles.
- This second fund is far larger than the company’s first, which was worth $235 million and spread money to 13 companies.
- The oversubscribed fund reportedly brings Griffin’s assets under management above $1 billion.
- “We’re not a spray-and-pray fund,” said Peter Y. Levin – founding partner at Griffin. “We’re not going to have 70 companies in the portfolio at any given time. We’re going to continue to take that disciplined approach.”
- An investment review from DDM games released last week found that investments and acquisitions in the gaming sector more than tripled in 2021 across all major segments. Investments in blockchain gaming comprised a significant portion of those gains.
- Earlier today, NFT platform Immutable X announced $200 million in new funding, much of which is going towards growing its gaming studio.
- Many companies are now experimenting with the intersection between NFTs, crypto, and gaming, trying to embed blockchain assets into gaming worlds.
- However, the response to these efforts from the gaming community has been largely negative, and some efforts have simply flopped.
