Venture capital firm London Venture Partners has raised $80 million that will be used to fund video games startups.
As reported by GamesBeat, this is LVP's third fund and will be used to give seed cash to startups in both Europe and North America. There's no indication where the VC firm has managed to raise this cash from.
To date, LVP values its games investments at $18 billion. These have included tech firms such as Unity and NaturalMotion, but also games developers including Clash of Clans giant Supercell.
“We are incredibly proud that an LVP investment has come to signify a stamp of approval for games startups,” said London Venture Partners general manager David Gardner.
“Our Fund III will allow us to continue to bring our deep backgrounds as game entrepreneurs and executives with large scale product and operational expertise to identify and help founders and teams with great potential.”
He added: ”While we have incredibly high standards and invest in only 1.5 per cent of companies we evaluate, we are set apart from most VCs who wait for metrics to guide their investments because our own games careers have given us the ability to recognise patterns, trends and disruptive ideas very early on.”