Immutable Launches $500 Million Fund for Web 3.0 Gaming Investment
Written with artificial intelligence.
Immutable, an Australian web 3.0 gaming company, has announced the launch of a $500 million venture capital fund aimed at supporting the growth of blockchain gaming and NFT projects. The fund is now open for applications and will last for four years.
Immutable's New Venture Capital Fund
On September 17, Immutable, a prominent player in the web 3.0 gaming sector based in Australia, unveiled its inaugural venture capital fund worth $500 million. This initiative seeks to capitalize on the growing popularity of blockchain gaming as traditional Web 2.0 game studios look to transition into the web 3.0 space.
The fund will finance the development of web 3.0 games and NFT-focused companies, utilizing Immutable X, its layer 2 solution on the Ethereum network that employs zero-knowledge roll-ups for transaction data compression.
Fund Application Details
Applications for funding are currently open through the fund's official website. The fund is set to operate over a four-year period, with cash investments ranging from $100,000 to $500,000 for equity or tokens. Additionally, token investments for development on the platform could reach millions, contingent upon project timelines and milestones.
Notable developers and IP holders already building on Immutable's platform include GameStop, TikTok, OpenSea, and Illuvium. The fund will also collaborate with other web 3.0 and NFT-focused investors, such as BITKRAFT, Animoca Brands, and Arrington Capital, among others, to explore additional investment opportunities.
Previously, Immutable raised $200 million in a Series C funding round led by Temasek in March, which valued the company at $2.5 billion. The Immutable Ventures fund has already made investments in several web3 companies, including StarkWare and Stardust.