SG-based gaming-focused Play Ventures raises $135m for second fund

Photo: Seam Do/Unsplash

Singapore’s gaming-focused venture capital firm Play Ventures has raised $135 million for its second fund to invest in global game makers and entrepreneurs, according to an announcement.

With this, Play Ventures has $175 million in total assets under management across both funds.  Its debut fund closed in 2019 at $40 million.

Play Ventures’s debut fund was backed by several 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. Other LPs include VCs and family offices from Asia, the US and Europe.

“With Fund II, we continue to believe that gaming will be the most impactful and dominant form of entertainment in the 21st century. We have a strong conviction that the best gaming teams can be founded and built anywhere in the world,” the firm said in the announcement.

The firm plans to continue investing in early-stage game developers and gaming service startups globally, and to expand into ecosystems in India and Latin America.

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

Since December 2018, Play Ventures has invested in 24 new gaming companies across 10+ different countries. Its portfolio includes Vietnam’s Gamejam, Singapore’s Potato Play and Finnish-Icelandic firm Mainframe Industries. It also comprises a mix of game studios producing free-to-play titles and B2B gaming services firms across Europe, the US and Asia.

Play’s own portfolio companies have secured over $20 million in revenues on average, with a number of them like Vietnam’s Gamejam already hitting profitability. In February, Play Ventures participated in Mobile Premier League’s Series D round funding worth $95 million.

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.