Venture capital firm Bitkraft Ventures have announced a new office for the Asian market, to be led by Jin Oh and Jonathan Huang.
Bitkraft (via Techcrunch & Venturebeat), who have made many investments in the mobile game industry, snapped up Oh - the former CEO of Garena - and Huang as the duo who will lead their Asian branch. The firm aims to raise their current 15% rate of investment to up to 25% with the launch of their new branch. Both Huang and Oh have existing experience in the domestic game industry of the region, offering the company a competitive advantage with this new office.
In a statement, Oh commented on the potential of the Asian market for Bitkraft. “Asia-Pacific is the largest gaming market in the world, accounting for 48% of the global gaming revenue in 2022. The companies founded here have long led innovation and trend-setting in the video games and interactive entertainment industry, and continue to do so today," he said.
“I’m thrilled to join the Bitkraft team and help add value to the portfolio companies they serve and identify up-and-coming leaders. I strongly believe that Bitkraft is best positioned to become Asia’s leading gaming venture capital firm."
Focusing on blockchain
Bitkraft's main focus, consistent with the VC firm's previous investments will primarily be on the web3 and blockchain sectors. However, it can't be discounted that the vibrant mobile gaming scene in the region will also catch their eye.
After a dismal 2022, areas like China are beginning to catch up once more with licencing freezes thawed and new investments being made.
Bitkraft therefore may have picked the best time to strike while the iron is hot so to speak. As the firm has already been named as the most active venture capital firm for Q1 by Drake Star. The fact that this analytics firm also predicts a major uptick in investment and M&A during the latter half of 2023 could mean that Bitkraft are angling to be ready when new opportunities open up in Asia later during the year.