Singapore-based Play closes debut gaming fund at $40m

The Play Ventures I vehicle, which launched last year with a target of $30 million, has attracted commitments from a number of game industry players including Rovio, the makers of the Angry Birds franchise, and international e-sports company Modern Times Group. Following a first close last December, the fund has made eight investments. Portfolio companies include Finland’s Redhill Games, Vietnam-based Gamejam, and Turkey’s Bigger Games.

Play was founded by Henric Suuronen and Harri Manninen, each of whom has founded and exited gaming start-ups; Suuronen’s Nonstop Games was acquired by Candy Crush Saga developer King in 2014, while Manninen sold his studio Rocket Pack to Disney in 2011. The firm has offices in Singapore and Helsinki, and backs start-ups and the pre-seed and seed stage, focusing on free-to-play mobile and PC game developers as well as providers of gaming services.

“We are thrilled with the support we’ve received from our investors, which includes many of the best companies and founders in gaming,” said Manninen in a statement. “When we founded Play Ventures, we anticipated strong demand for an early stage gaming fund run by people who truly understand gaming. The oversubscription of our fund is a validation of our approach.”

Gaming has become a common investment theme for technology-focused investors in Asia, and the trend has inspired several specialist funds as well. Operators in the sector include the virtual reality fund launched by Korea-based Moiin this year, as well as vehicles launched by Japan’s Line and Hong Kong-based Makers Fund.

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• Topics
• Southeast Asia
• Technology
• Consumer
• Fundraising
• Early-stage
• Venture
• Singapore
• TMT
• seed