Venture firm Infinity Ventures Crypto recruited Animoca Brands and Circle on its way to closing the oversubscribed fund.
Digital entertainment and blockchain technology developer Animoca Brands and payments services provider Circle have backed Taiwan-based venture capital firm Infinity Ventures Crypto (IVC)’s maiden fund, which closed yesterday with $70m in commitments.
Venture capital firm Digital Currency Group also supplied capital for the vehicle, which is focused on investments in gaming finance (GameFi), decentralised finance (DeFi) and Web3 technology, an iteration of the internet centred on the blockchain.
IVC has already invested in 78 portfolio companies since it was founded in August 2021, including decentralised autonomous organisations (DAOs) and sub-DAOs Bayz, Acadarena and Breeder; gaming guild Yield Guild Games and its sub-DAO, IndiGG; and non-fungible token (NFT)-based game developers MetalCore and Heroes of Mavia.
The round was oversubscribed according to CoinDesk, which reported that IVC did not want to grow it too large due to the fact many early-stage Web3 companies are typically seeking sub-$1m rounds. IVC typically contributes about…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
