Denver's Konvoy Ventures Raises $150M for Its Blockchain-Driven Gaming Fund

Konvoy Ventures, a Denver-based venture capital company founded in 2018, has recently raised $150M for its crypto and gaming-based fund dubbed Konvoy Fund III.

According to the official announcement issued on July 6th, Konvoy Ventures will allocate around 20% to 30% of the funds to invest in a number of early-stage blockchain gaming startups.

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Konvoy Ventures, a company led by brothers Josh and Jason Chapman, as well as Jackson Vaughan, has staked its money on 35 blockchain-driven technology firms across Europe, Africa, North America, the Middle East, and South Asia.

Some of its recent investments include Legends of Learning, a company offering educational games for learning, Axie Infinity’s Sky Mavis, as well as Genopets, and Ready Player Me NFT-based games.

Josh Chapman noted that Konvoy Ventures will be mostly focusing on crypto-driven projects, however, “more typical gaming startups” will also receive some of the company’s attention. He added:

“One hundred percent exposure to crypto would not be the right strategy for us, but 0% would also be the wrong strategy.”

Blockchain, as stated by Josh's brother Jason, will eventually become "another technology set that most people in games get to use," and even earn money from. On top of that, the technology will also massively improve the in-game experience.

It seems as though the current crypto bear market hasn’t blocked the road for numerous massive funds, with blockchain-based games raising a total of $2.5 billion in Q1 2022. For instance, earlier in July, a Web3 games organization Planetarium Labs collected $32M in a fundraiser led by Animoca Brands, WeMade, and Samsung Next in order to build out its tools for gaming and player governance.

Likewise, VC firm Andreessen Horowitz (a16z) has also raised $600M to assist Web3-driven gaming startups. Earlier this year, Kevin Lin-backed Web3 entertainment organization Metatheory successfully collected $24M in funds to develop NFT-driven high-quality games.

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