Temasek-backed Immutable co-launches $100m Web3 gaming fund

Photo credit: Pixelmon

Temasek-backed blockchain firm Immutable, Australia-based King River Capital, and Web3 ecosystem enabler Polygon Labs have teamed up to create a new venture fund. Dubbed the Inevitable Games Fund (IGF), it aims to raise US$100 million from professional investors and focuses on the burgeoning Web3 gaming industry.

The launch comes amid a surge in blockchain gaming activity in the second half of 2023, as observed by DappRadar. Meanwhile, crypto-focused media platform Blockworks expects more Web3 game releases in 2024 compared to previous years and projects an over 2x growth in gaming token market cap.

Managed by King River Capital, IGF’s investments span across game studios, Web3 infrastructure, and immersive gaming experiences. The fund aims to tap into the global video game market by combining King River’s investing capabilities with Immutable and Polygon’s Web3 gaming deal flow.

So far, IGF has invested in seven early-stage companies. These include Pixelmon, a Pokémon-style Web3 title; Guild of Guardians, which has seen over a million pre-registrations; and My Pet Hooligan, which combines animated storytelling with gameplay.

Existing backers include Alpha Wave Ventures, a venture firm supported by Alpha Wave Global and the Abu Dhabi Royal Group’s Chimera Capital.

Other notable investors include Merit Circle – known for its presence in Web3 gaming – and several family offices and individuals with expertise in gaming and digital assets.

Founded in 2018, Immutable helps firms build NFT trading services, among other things. It has raised over US$300 million in funding, including a US$200 million round in 2022 from Temasek, Tencent, and Animoca Brands.

According to Messari, a crypto market intelligence firm, Immutable and Polygon combined command roughly a 70% share of the blockchain gaming development market.

See also: A Malaysian Web3 pioneer defies downturn with 33x profit surge since 2019