Immutable, King River, and Polygon Labs to Establish $100 Million Gaming Fund
Blockchain platform for Web3 gaming Immutable (IMX), Polygon Labs, the developers behind the Polygon blockchain, and investment fund King River Capital have announced a partnership aimed at establishing a $100 million blockchain gaming investment fund.
The initiative, officially named the "Inevitable Games Fund" (IGF), is focused on nurturing high-potential gaming projects in the Web3 sector and targets institutional and professional investors in the crypto market.
Immutable and Polygon Labs will jointly identify viable investment opportunities, while King River Capital will manage the allocation of capital to game studios and Web3 projects.
King River Capital, assisted by Immutable and Polygon Labs, has combined forces to launch the $100M Inevitable Games Fund.
— Immutable (@Immutable) March 19, 2024
Set to pioneer investment in web3 gaming with early-stage investments already made in category winners.
The Inevitable Games Fund leverages deep insights… pic.twitter.com/18DV9PFp14
Speaking with The Block, Brenda Ma, Chief Investment Officer of Immutable, stated that the Inevitable Games Fund has already raised $30 million, reaching nearly one-third of its target.
Immutable revealed that IGF has added four game/NFT projects to its portfolio: Pixelmon, METALCORE, Guild of Guardians, and My Pet Hooligan.
Mr. Ma added that this is a prime time to invest in Web3 gaming projects, as many have been in development for 2-3 years since their initial funding rounds, meaning they are on the verge of launching products that have been in the works for some time. The Chief Investment Officer commented:
"This year is expected to be a pivotal year for Web3 gaming, and we want this sector to continue to grow. The IGF will fund the next generation of gaming projects and propel the industry forward not just in the short term but also in the long term."
Immutable, King River, and Polygon are no strangers to one another. Polygon is developing the zkEVM layer-2 solution for Immutable, while King River is a major investor in Immutable. In 2022, Immutable also launched a $500 million fund to support projects developing on the Immutable X layer-2 platform.
The Inevitable Games Fund is the third gaming development fund announced in March 2024, following Starknet's $120 million fund and Arbitrum's proposal to establish a $400 million fund for gaming projects.
