SG-based Play Ventures collects $22m of $40m debut fund targeting gaming startups

Photo: Reuters

Singapore-based venture capital firm Play Ventures has raised $22.4 million for its $40-million debut fund, according to an SEC filing.

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.

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.