Bitkraft, a venture capital firm focused on gaming, has successfully raised $221 million for its second token fund, according to a recent SEC filing.
The funding round’s target was set at $240 million, and the firm managed to raise $220.6 million in total. While Bitkraft has not disclosed many details about the investment, Carlos Pereira, a partner at the firm, provided some insight into their investment strategy in an interview with Coindesk.
Pereira explained that Bitkraft’s interest in Web3 gaming stems from the team’s background as gamers rather than the recent play-to-earn trend. “We’re gaming investors, first and foremost, with an operating and investing background that precedes the web3 gaming bull,” he said. “We’re focused on underwriting great games with the tools that we have. Now in crypto, with the experience that we have as players, we want to see the economic rails evolve.”
Bitkraft has a history of funding esports organizations and game developers and aims to support Web3 games similarly. Recently, the firm invested in CCP Games, the developer of EVE Online, and mobile game studio Jungle.