Tech

Hiro Capital launches € 300m metric and gaming venture fund

London-based VC Hiro Capital has launched a € 300m (£ 251m) fund to invest in gaming and metaverse companies in the UK, Europe and North America.

Hiro Capital II fund will invest in Seed, Tier A and Tier B round companies.

Hiro Capital’s previous € 115m fund has made 21 Tier A and B investments in gaming, e-sports and metaverse companies since 2019.

These include London-based fitness virtual reality startups FitXR and Frankfurt-based developer studio Keen Games.

The VC, which is also headquartered in Luxembourg, said it will announce the first investments from its latest fund in April.

Hiro Capital has focused on the metaverse – an all – encompassing term for a connected digital world with access to virtual reality (VR) and augmented reality (AR) devices – since its inception in 2018.

It gets its name from the character Hiro Protagonist in the 1992 novel Snow Crash by Neil Stephenson, who first coined the term metaverse.

While VR and AR are not new, they are renewable interest in technology since social media giant Facebook rebranded to Meta to reflect its new focus on the metaverse.

“We have been a believer in the Metaverse since we created the fund in 2018,” said Luke Alvarez, managing general partner, Hiro Capital. “Our goal with Hiro is to bring founder-focused venture funding to metaverse games studios and technology creators.”

Alvarez also said that “we now have a crucial moment in the very early stages of metaverse, VR, AR and Web3” and that it will take “at least a decade” to fully realize them.

“A lot of the creativity and technological innovation will start in games,” Alvarez said.

Alvarez Hiro Capital co-founded LoveCrafts co-founder Cherry Freeman and Sir Ian Livingstone, former chairman of the studio behind the game Lara Croft: Tomb Raider.

While the metaverse does not yet exist, experts are of the opinion that it will encourage the development of the gaming industry.

Last month, sports betting and gaming group Entain said it was £ 40m spent to build an innovation hub in London that will build and test entertainment technologies, including the metaverse and unmixed signals (NFTs).



Hiro Capital launches € 300m metric and gaming venture fund

Source link Hiro Capital launches € 300m metric and gaming venture fund

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