Valhalla Ventures has launched a new $66 million venture capital fund, which it will invest in gaming and deeptech startups. The firm is specifically targeting what it calls “audacious entrepreneurs” who push the boundaries of science and engineering, and has already invested in 15 startups such as Incredible Dream, 1v1me, and mobile metaverse platform Bunch since early 2022.
“Capital is scarce right now, especially for first time funds like us, so we’re honoured to be backed by some of the world’s best founders, family offices, executives, and corporations,” said Valhalla’s general partner and head of gaming practice general partner Devan Malhotra. “We want to bring venture back to its original promise, when Georges Doriot and the early investors in Silicon Valley worked hand-in-hand with the world’s boldest and zaniest entrepreneurs to solve the world’s hardest problems.
“The VC industry has lost its way. Too many funds spray and pray into ‘tier 1’ led deals while spending more time tweeting and fundraising than working with portfolio companies. We want to tack left, building a concentrated portfolio across non-traditional areas - gaming and deeptech - and working boots on the ground with the engineers, creatives, and scientists that are building a brighter future.”
Success in funding
In the games space, the fund will specifically target underfunded and novel companies with an emphasis on crafting social experiences. The company states that gaming will represent around a third of the company’s investments, with companies receiving investments of around $1 to $2 million.
“Bunch welcomed Valhalla Ventures to our team during our latest round. They quickly became one of our most insightful and helpful partners, making valuable connections to strategic partners and key players in the media and entertainment industry. They carry a strong conviction and demonstrate a deep understanding of our market. Any founder would be lucky to have them in their corner,” said Bunch founder Selcuk Atli.
“On the deeptech side, we’re looking at things that are completely new and have never been done before,” general partner Rohan Pujara told GamesBeat. “The same is true on the gaming side. Over the past couple of decades, there have been a lot of been a lot of copycats. Like Uber for this or AirBnB for whatever industry. You see the same thing within gaming. People are building the next MMO or shooter. We want to go and find out who’s building something completely new or taking an approach that everyone is ignoring.”
In October, Valhalla Ventures participated in a $4 million funding round for ByteBrew.