Gaming VC Firm Konvoy Ventures Secures $150 Million Fund

The gaming-focused VC firm has raised $150 million for a new fund. It will aim to spend about 20% to 30% of that money on blockchain and crypto-related games.

Jul 8, 2022
by Anvi Saini
Gaming VC Firm Konvoy Ventures Secures $150 Million Fund
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Konvoy Ventures, which was launched in 2018 by brothers Josh and Jason Chapman and their childhood friend Jackson Vaughn, has already placed substantial bets on blockchain technology. 

The Denver-based company financed Sky Mavis, the creator of Axie Infinity, a virtual environment in which players breed and combat monsters connected to nonfungible tokens. Axie Infinity is one of the most well-known blockchain games, and also one of the most contentious. The company also invested in Genopets, a game in which players may develop and evolve an NFT pet through real-world physical activity, and Ready Player One, a platform for designing virtual avatars that can wear NFTs.

However, recently in gaming, the use of blockchain and NFTs have been criticized. 

Some players feel that these components do not enhance their experience and are merely a means for gaming firms to generate additional revenue. In March, a $620 million hack occurred on a blockchain network utilized by Axie Infinity, raising issues about the security of these games and if the venture capitalists who fund them should be compelled to bail them out. 

Regarding whether the company had participated in a $150 million investment round to help Sky Mavis pay players, Konvoy Ventures has not made any statement. Although, the firm's manager Jason Chapman stated that the company was prepared to assist its portfolio companies in weathering a harder market situation.“We're excited to back them through the thick and thin,” he said.

His brother Josh said that instead of seeking shares, the firm will consider token-based investments.

Aside from cryptocurrency, the company will continue to promote more conventional gaming businesses, such as those that create gaming infrastructure and collaborate with sectors like fashion, health care, and education. 

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