Venture capital firm Play Ventures has raised $135 million in funding to invest in more game studios.

Since December 2018, the early-stage games fund has invested in more than 24 companies across over 10 countries, as detailed in the announcement.

The recent funding will go towards Play Ventures Fund II and bring its total assets to $175 million across its funds.

“With Fund II, we continue to believe that gaming will be the most impactful and dominant form of entertainment in the 21st century,” Play Ventures said.

“We have strong conviction that the best gaming teams can be founded and built anywhere in the world.

Growing up

Indian studio All-Star Games is the first to receive backing through Fund II, with Play Ventures taking part in the $1.5 million pre-Series A round.

“We plan to continue investing in early-stage game developers and gaming service startups globally, and to expand into ecosystems that we are incredibly excited about, like India and Latin America,” said Play Ventures.

Initially, Play Ventures raised $40 million in August 2019, $10 million more than the $30 million it intended to generate.

Original backers included Rovio, who pledged $3 million, Modern Times Group and Anton Gauffin, the Huuuge Games CEO.