Play Ventures was looking to raise $30 million to fund 20 to 25 early stage video game companies worldwide in. Rovio’s backing now means Play Ventures has reached its goal.
Five video game firms have already been selected for funding, with that finance coming from games companies and private backers.
Play Ventures was founded in 2018 by video game entrepreneurs Harri Manninen and Henric Suuronen (pictured, main).
"Our investment in Play Ventures is according to our M&A and growth strategy and the fund offers a good seedbed for new game ideas and companies," said Rovio chief financial officer René Lindell.
"We regard Henric's and Harri's know-how in the industry as excellent and we believe that our investment in the fund offers Rovio many interesting possibilities."
Play Ventures founding partner Harri Manninen added: "The goal of Play Ventures is to invest globally in the world's most promising early stage gaming companies and we pursue excellent returns for our investors.
“We appreciate Rovio's investment not only financially but also as an expression of trust, and we believe that Play Ventures also helps to cultivate the industry and create even better opportunities for early stage gaming companies."