Play Ventures closed its third gaming fund, raising $140 million.
As GamesBeat reported, Play Ventures will continue to invest in early-stage gaming companies. However, this round will focus on mobile free-to-play games and AI-enhanced infrastructure and game tools.
Play Ventures has made eight investments since closing its third round in June 2023, including AI startup Beyond.
The company expects to invest in 20 to 25 companies worldwide, focusing on early Series A funding rounds.
“Mobile gaming is one of the most dynamic areas of our time, representing huge, untapped potential,” said Play Ventures Founding Partner Henric Suuronen.
“With Fund III, we're investing in a new wave of billion-dollar games and interactive experiences that are fueled by the transformative capabilities of artificial intelligence.”
It's the largest venture capital fund investment to date, bringing Play Ventures' total funding to $315 million, having raised $135 million in April 2021 and $40 million in August 2019.