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Bitkraft Raises $220.6M to Create Its Second Token Fund for Gaming

Bitkraft, a Venture Capital firm for gaming platforms, eSports, and immersive technology has announced it has raised the sum of $220.6 million to launch its second token fund. According to the SEC filing, the fund was designated as the BITKRAFT Ventures Token Fund II and though it contains not much information about the investment target, it showed the filing was made on March 30.

Bitkraft remains one of the most dominant venture capital firms catering to the gaming world. According to one of the firm’s partners, Carlos Pereira, the company is focused on backing founders and projects from seed to Series B.

According to Pereira, the passion driving the company which was founded back in 2016 by Jens Hilgers is hinged on the fact that the founders and executives are first of all gamers and the passion for the firm predates the breakout of the gaming bull run.

“We’re gaming investors, first and foremost, with an operating and investing background that precedes the Web3 gaming bull run by a lot,” said Pereira. “We’re focused on underwriting great games with the tools that we have. Now in crypto, with the experience that we have as players, we want to see the economic rails evolve,” he added.

The defined allocations that Bikraft hopes to give benefitting developers and innovators are undefined and according to Pereira, the founders that will be favored will be those with above-average experiences. This implies that they must have acquired a significant experience in the broader Web 2.0 gaming world.

As part of the investment strategy highlighted by Pereira is that protocols that are most likely to be favored will feature complex gaming environments as are found in the mainstream gaming world.

According to Pereira, Bitkraft is focused on taking up equity positions in the startups it is backing while also not discounting the likely benefits of holding the beneficiary outfit’s token.

“If we own both the equity and the token, we can design a game that maximizes value creation through primary sales and maximizes value creation through secondary sales,” explained Pereira, noting the importance of “figuring out a business model that works and allocating that value between equity and tokens.”

In a bid to reflect the patience and the long-term positioning of Bitkraft, the company’s partner noted that so many of the platforms it is backing are in the early stages of their development cycle. The company is known as one of the major investors in Eve Online’s developer CCP Games as well as Jungle, a mobile blockchain developer.

Investment in the Web 3.0 gaming ecosystem has not slowed down even with the advent of the crypto winter. Innovators and investors are particularly focusing on this industry as it is tagged as one of the most relatable offshoots that can usher in the next 1 billion users into the ecosystem.

Bitkraft Raises $220.6M to Create Its Second Token Fund for Gaming

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