Hiro Capital raises $340m metaverse fund

Venture capital firm will use fund to target early-stage gaming and metaverse start-ups

Hiro Capital raises $340m metaverse fund                                 
Hiro confirmed it will announce its first investment through new fund Hiro II in April – Photo: Hiro Capital

London and Luxembourg-based Hiro Capital has announced a new $300m gaming and metaverse fund to target early-stage start-ups in the UK, Europe and North America.

This will be Hiro’s second VC fund in three years, as its founding partners Luke Alvarez, Cherry Freeman and Sir Ian Livingstone look to target the next stage of innovative firms disrupting the gaming and metaverse sector.

Hiro’s initial fund – Hiro Capital 1 – launched in 2019 with $130m and has made 21 Series A and B investments into firms such as virtual reality start-up FitXR, Keen, Snowprint, Flavourworks and Happy Volcano.

Growing demands

Founded in 2018, Hiro has predominantly focussed on building its portfolio by backing companies within the gaming, esports and metaverse sectors for businesses across the UK, EU and USA.

It’s understandable to see why, as deals for UK-based video game start-ups rose by 63% in 2021, hitting a £1.9bn valuation within the year. And the demand for Web3.0 and gaming start-ups continue to gain mainstream acceptance as well as significant interest from notable investors.

To help address the surge in venture capital activity, firms such as Hack and Electric Capital have all raised sizeable funds to back early-stage companies. There are also the big-league players such as Andreessen Horowitz’s a16z, Paradigm and FTX, all of which have raised more than $1bn to help back these early stage start-ups.

Sequoia Capital also closed its first dedicated fund to back crypto firms, which is reportedly worth around $500m, and earlier this year, Microsoft acquired gaming firm Activision Blizzard for a staggering $75bn, the biggest-ever deal by the tech company.

“At Hiro, we believe that Games and Metaverse technologies will be at the heart of the next generation of human communities. As creator entrepreneurs, we back early-stage innovators who are building these exciting digital futures,” said Luke Alvarez, Hiro’s general partner.

Hiro confirmed it will announce its first investment through its new fund Hiro II in April.

Further reading:

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image