Play Ventures, a Singapore company, has raised at least $78 million for its third gaming venture capital fund, according to a filing with the Securities and Exchange Commission. The filing, dated June 22, represents the amount raised as of that date and does not indicate the actual size of the fund due to SEC rules.
The fund leaders behind Play Ventures III are Harri Manninen, Phylicia Koh, and Henric Suuronen. Founded in December 2018, Play Ventures has previously invested in over 100 gaming studios, content, tooling, and game platform services companies through its first two funds. The company boasts a good track record, with its initial fund delivering a net internal rate of return of 66% and distributions paid in (DPI) of 1.5 times in just four years.
Among the successful exits from Play Ventures' first fund are Reworks, a mobile gaming studio acquired by Playtika for up to $600 million, and Savage Game Studios, a shooter game studio acquired by PlayStation Studios. The second fund included investments in a range of companies, including Odeeo, Original Games, Fliff, Freedom Games, Appcharge, Incrmntal, Alter, and Loupedeck.
Despite facing increasing competition, Play Ventures sets itself apart by focusing on pragmatic approaches, transparency with investors, team members, and founders, and recognizing the global reach and significance of the gaming industry.
With its latest fund, Play Ventures aims to continue supporting promising early-stage gaming companies and contributing to the growth and innovation of the gaming industry.