SG’s Play Ventures closes $40m debut early-stage gaming fund

Play Ventures team.

Play Ventures, a Singapore-based gaming venture capital (VC) fund, has closed its $40 million debut fund, according to a statement.

The newly-formed VC had held the first close of the fund at $22.5 million in December 2018.

The fund is backed by a number of gaming industry heavyweights including Rovio, the maker of Angry Birds; Modern Times Group, an international eSports and gaming entertainment company; and Anton Gauffin, CEO of social gaming giant Huuuge Games.

Play Ventures targets early-stage startups globally, especially those offering free-to-play mobile and PC games.

The VC has closed eight investments so far including Redhill Games, a Finnish PC games studio; Gamejam, a Vietnam-based studio founded by a gaming veteran from Ketchapp and Dots; and Bigger Games, a Turkey-based studio founded by Peak Games alumni.

Henric Suuronen, founding partner at Play Ventures, said: “We believe that the 21st century is the century of gaming and we love partnering with founders who understand the craft of making amazing games and who have the passion, hunger and drive to build billion-dollar gaming companies.”

Play Ventures was co-founded by Harry Manninen and Surronen, both active entrepreneurs and investors in the gaming industry.

Manninen previously co-founded Shark Punch as well as Rocket Pack, which Disney acquired in 2011. He also started a Nordic XR startup pre-seed accelerator in Helsinki that invested in 10 portfolio companies, including Mighty Bear Games and Starberry Games.

Suuronen was the co-founder of Nonstop Games, which was acquired by King in 2014. He has also personally invested in various startups such as Huuuge Games, Futureplay Games and Matchmade.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.