The funding has been raised from 10 limited partners, or investors, per the filing.
Play Ventures is a newly-formed VC and targets early-stage startups operating in the games and gaming services space from across the world.
According to a VentureBeat report, its investors include MTG, an online games publisher and developer. The report adds that Play Ventures will target six to eight companies a year, with a ticket size of about $500,000. The fund is keen to look at mobile and PC free-to-play startups, and has also reportedly invested in three companies with more to come in upcoming months.
Play Ventures is founded by Harry Manninen and Henric 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 which invested into 10 portfolio companies, including names like 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.
According to Newzoo, the online games market will generate $137.9 billion in global revenues in 2018, with China, US and Japan comprising the top three markets. Meanwhile, markets like India and Indonesia are making Asia-Pacific one of the fastest-growing gaming regions in the world, thanks to high smartphone adoption and better internet infrastructure.