US-based venture capital firm Bitkraft Ventures has closed its second fund at $165m with backers including apparel producer Adidas, media group Advance Publications, computer peripherals manufacturer Logitech and advertising group WPP.
Family office Carolwood and investment firms Declaration Partners and JS Capital are also among the limited partners for the fund, which had an initial target size of $125m for its close.
Bitkraft Ventures Fund I will target early-stage deals in the gaming, esports and interactive media sectors. It has already begun investing and, together with Bitkraft’s Pre-Seed Fund, has built a portfolio of more than 50 companies across North America, Europe and Asia.
The firm’s portfolio includes Venn, the gaming and esports streaming network also backed by media conglomerate Bertelsmann, and 3D game developer Manticore Games, which also counts entertainment and talent services provider Roc Nation among its investors.
Jens Hilgers, co-founding general partner of Bitkraft, said: “We are grateful to our investors for their confidence in our team’s ability to identify talent, trends and opportunities in the gaming and esports space.
“At Bitkraft, we do not just support forward-thinking entrepreneurs with capital, but also provide experience, resources and our global network. While we are living in challenging times, our industry is experiencing strong tailwinds and unprecedented opportunities.
Bitkraft’s team also includes co-founding general partners Malte Barth and Scott Rupp, and partner Moritz Baier-Lentz. It is spread across Los Angeles, San Francisco, Berlin and London.
