Griffin Gaming Partners has announced the launch of its second gaming-related fund, which will focus on investing in seed and growth rounds of companies dedicated to building blockchain-powered or traditional games. The fund, which was reported to be oversubscribed raising $750 million, is one of the biggest funds dedicated to interactive entertainment investments.
According to numbers coming from the firm, gaming has become a ubiquitous form of entertainment, surpassing movies, music, and books combined. Per reports, the sector is expected to grow by 248% over the next decade. This opportunity is what is said to fuel Griffin Gaming Partners to aggressively invest in the industry.
Peter Levin, one of the founding partners of the firm, clarified the way in which these funds will be spent. In an interview given to Forbes, he stated:
While numbers suggest interest has seemingly waned when it comes to metaverse and NFTs recently, companies are still betting big on the future of this blockchain-based technology that can be applied to gaming. The firm has already put funds behind these companies, with investments in Alethea AI, a protocol that allows users to create smart NFTs, and Chill Chat, a Solana-based metaverse gaming platform.
However, Griffin Gaming Partners also invests in groups that are not classified as gaming companies, and which are at the intersection of other technologies and gaming. This is why the firm has already invested in initiatives such as Discord, the messaging company, which is not a gaming but a gaming-adjacent company.
According to Nick Tuosto, managing partner of the firm, these complementary investments give Griffin Gaming Partners the ability to bolster its gaming reach. He further stated: