Play Ventures has announced that its debut Fund I has distributed 150% return to investors in less than four years.

The company reports a net internal rate of return of 66%, comfortably surpassing the target of over 30% of most early stage venture capital funds.

Since its inception in 2019, Play Ventures has invested in more than 100 gaming companies, ranging from studios to service providers. The company has also seen numerous large-scale exits including Reworks, which was acquired by Playtika for $600 million in 2021, and Savage Game Studios, which was acquired by PlayStation Studios last year.

The fund currently encompasses 20 companies, including the likes of Gamefam and MPL, and has raised a total of $40 million to date. With six years remaining in the fund’s lifetime, the company expects to see further growth in the coming years.

A recipe for success

The company attributes its success to its pragmatic and grounded approach, transparency with investors and game makers alike, and its belief that game makers are uniquely qualified to advise on the craft of game creation. To this end, the company’s partners all have experience creating their own gaming startups, and use this experience to identify and assist what it calls “industry-defining, rule-bending entrepreneurs who battle out on the frontlines.”

Among the founding partners of Play Ventures is Henric Suuronen, who previously held the role of director of product management at Digital Chocolate, co-founded and acted as president of Nonstop Games, and acted as senior creative director of mobile giant King.

“Watching 100 hours of movies does not put you in a position to be able to advise Christopher Nolan,” said Suuronen. “Likewise playing 100 games does not enable you to advise a skilled game creator in their project.”

Play Ventures general partner Anton Backman was one of the speakers at Pocket Gamer Connects Helsinki last year. The event will be returning to Finland’s capital next month.