Play Ventures has raised at least $78 million for its third gaming venture capital fund, according to a filing with the Securities and Exchange Commission.
The funding amount for the Singapore company indicates the amount raised as of the filing date on June 22 and doesn’t indicate the actual size of the fund. The company could not comment on the filing per SEC rules.
The Play Ventures III funding was filed by fund leaders Harri Manninen, Phylicia Koh and Henric Suuronen. Play Ventures was born in December 2018, and it has invested from two funds already and it is getting ready to invest with the third fund. To date, it has invested in more than 100 gaming studios, content, tooling and game platform services companies. The funds have gone into early-stage gaming companies.
In the past, Play Ventures said it invested in founders and visionaries. It focuses on pragmatic approaches and transparency with investors, team members and founders. And it recognizes that gaming is a global phenomenon that is eating the world. While it has a lot of competition now with lots of gaming funds in the market, Play Ventures has a lot of experience behind it.
The company previously announced that its Fund I performance had a net internal rate of return of 66% and distributions paid in (DPI) of 1.5 times in four years. Its major exits include Reworks, a mobile gaming studio acquired by Playtika for up to $600 million; Dataseat, a business-to-business mobile marketing tech company acquired by Verve Group; and Savage Game Studios, a shooter game studio acquired by PlayStation Studios. The first fund had 20 game companies in its such as Gamefam, Mod.io and MPL.
The second fund included Odeeo, Original Games, Fliff, Freedom Games, Appcharge, Incrmntal, Alter, Loupedeck and many others. Besides the other top managers listed in the form, other general partners include Kenrick Drijkoningen and Anton Blackman.