Play Ventures secures $140 million for its third gaming fund

Play Ventures has successfully secured $140 million for its third gaming fund.

According to GamesBeat, the firm will maintain its focus on early-stage gaming companies, particularly those involved in mobile free-to-play games and AI-driven gaming tools and infrastructure.

Since the fund's third close in June 2023, Play Ventures has already made eight investments, including in the AI company Beyond.

The firm plans to back 20 to 25 companies globally, targeting businesses seeking pre-seed to series A funding.

"Mobile gaming is a rapidly evolving sector with immense untapped potential," noted Henric Suuronen, a founding partner of Play Ventures.

"Through Fund III, we aim to support the next generation of billion-dollar games and interactive experiences, significantly enhanced by AI innovations."

This round marks Play Ventures' largest investment, pushing the venture capital fund's total to $315 million, following its previous rounds of $135 million in April 2021 and $40 million in August 2019.