New VC fund Altered Ventures plots $36 million investment focusing on emerging markets

Fund works by revenue share, rather than equity stake

Date Type Companies involved Size
April 10th, 2018 investment Altered Ventures $36m
New VC fund Altered Ventures plots $36 million investment focusing on emerging markets

A new venture capital fund called Altered Ventures has launched that plans to invest $36 million in independent developers around the world.

The fund has been set up in partnership with Mountain Nazca and Streamline Media Group. It has offices in Silicon Valley, Mexico City and Kuala Lumpur.

Altered Ventures aims to support new projects with a focus on developers in, and making games for, emerging markets.

It aims to invest developers with all the funds they need to make and publish their games, without the need to give up equity in the studio. However, developers will need to share revenue with the group.

Full funding

“I like to think of Altered Ventures as an industry ‘dream team', as it was founded by people with more than 20 years of experience making, producing and publishing video games, as well as having a really strong and experienced Venture Capital core team," said Altered Ventures managing partner Mario Valle-Reyes.

"Our investment thesis is fair to developers and very concrete, since we provide real cash-flow for development and marketing. It’s also very attractive to investors, because they don't need to wait five to eight years to see their returns as with traditional venture capital.”

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Craig Chapple is a freelance analyst, consultant and writer with specialist knowledge of the games industry. He has previously served as Senior Editor at, as well as holding roles at Sensor Tower, Nintendo and Develop.