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.