King River, Immutable, and Polygon Join Forces to Raise $100M Web3 Gaming Fund

The fund has already identified and warehoused selected early-stage web3 gaming projects.

Venture capital firm King River Capital has teamed up with two gaming powerhouses, Polygon Labs and Immutable, to raise $100 million for a web3 gaming fund dubbed “the Inevitable Games Fund” (IGF).

Described as a first-of-its-kind “ecosystem-agnostic fund,” IGF aims to invest in early-stage, high-growth web3 gaming projects.

According to a press release shared with Coinfomania, King River will lead the fund’s investment process, while Polygon and Immutable will handle deal sourcing and web3 gaming expertise.

As stated in the release, King River will spearhead the deployment of the fund across “premier game studios, web3 infrastructure, and immersive gaming experiences,” which is considered disruptive in the entertainment sector.

IGF has secured an anchor commitment from Alpha Wave Ventures (backed by Alpha Wave Global and the Abu Dhabi Royal Group’s Chimera Capital), amongst other commitments from Merit Circle, Mike Arrington, Steve Kokinos, James and Robbie Ferguson, co-founders of Immutable; and Sandeep Nailwal, co-founder of Polygon Labs.

Selected Projects

According to the release, the fund has already identified and warehoused seven early-stage web3 gaming projects. Among the selected projects is Pixelmon, a web3 gaming platform that, in early February, raised $8 million in a seed funding round backed by Animoca Brands and Delphi Ventures. 

Other web3 gaming platforms mentioned are Metalcore, Guild of Guardians, and My Pet Hooligan.

Commenting on the development, Robbie Ferguson, president and co-founder of Immutable, said:

“We are excited to be launching this pioneering fund in partnership with King River Capital and assisted by Polygon Labs. Our combined expertise, global relationships, and industry reach ideally position the fund to identify and invest in the best web3 gaming and gaming infrastructure opportunities globally.”

Catching Investors’ Interest 

Web3 gaming is a new approach to video gaming that leverages blockchain to offer players the ability to own in-game assets in the form of non-fungible tokens (NFTs) or other tokens through gameplay.

Fueled by its potential and innovative approach, the sector has continued to attract investors’ attention over the years. According to reports, blockchain gaming-related rounds reached $1.7 billion last year, with a significant amount of that figure going to over 270 blockchain games in development on Immutable.