Solana Ventures, FTX and Lightspeed Launch $ 100 Million Gaming Fund
Solana Ventures, FTX, and Lightspeed Venture Partners have teamed up to launch a $ 100 million gaming fund called GameFi.
The fund will facilitate investments in video game developers, technology companies and other projects at “the intersection of blockchain and gaming. “
Earlier this month, the trio led a $ 21 million fundraiser at Miami-based studio Faraway Games, the fund’s first investment.
The video game market is projected to reach $ 219 billion in 2024.
- Lightspeed has invested in gaming companies including Epic games, Hidden Sheet, 1017 Games, and Triplepoint Workshops.
- In June, FTX acquired the naming rights for an esports organization TSM Esports as part of a 10-year, $ 210 million deal that included cryptocurrency for all TSM players and employees.
- Earlier this month, Solana took part in a $ 725 million Series B round at a crypto games startup Strong which included Andreessen Horowitz and Warner Music Group.
In October, FTX closed a round of funding of $ 420.7 million, valuing the crypto exchange at $ 25 billion, while LightSpeed has over 400. active investments with $ 10.5 billion in committed capital.
Solana has raised total funding of around $ 335.8 million and made eight investments, including its participation in last week’s $ 21 million round of funding in BetDex, a blockchain-based sports betting platform.