The Games Fund adds $17M to its game investment war chest

The Games Fund has added $17 million in funding to its game investment war chest, thanks to new assistance from mobile gaming corporations Scopely and Com2Us.

The Games Fund was launched in April and promptly exceeded its original target of $30 million. The Moscow and Los Angeles venture firm is nevertheless fundraising but it currently announced 4 investments and expects to close the fundraising at $50 million this fall to make certain continued investments.

Maria Kochmola began the firm with Ilya Eremeev. They each previously worked at Mail.ru’s My.Games division, which began a game fund named MGVC. Kochmola was the investment director at MGVC because its inception in 2017, and she led more than 35 investments. Of these, six corporations had been acquired.

Cofounder Ilya Eremeev stated in an interview with GamesBeat that he believes more than 5,000 game corporations exist across Eastern Europe, quite a few who seem in the prime charts.

Kochmola stated in our earlier interview she believes 70% of the fund will be invested in mobile platforms, but the corporation can co-invest with other folks in Computer and console game developers. She stated the fund will not invest in adult games or gambling or games targeted at kids.

Kochmola stated that 60% of investment will probably be performed in Eastern Europe and Russia, and perhaps 40% will be invested in the U.S. and Europe.

Kyu Lee, president of Gamevil Com2Us USA, stated in a statement that his firm has noticed a lot of talent in Eastern Europe and this investment could aid accelerate the development of the area in gaming. Tim O’Brien, chief income officer at Scopely, stated in a statement that The Games Fund has a deep, sophisticated understanding of the exceptional talent across Eastern Europe, which makes it possible for Scopely to additional connect with some of the most inventive game studios across the area.

Originally appeared on: TheSpuzz