UK-based London Venture Partners (LVP) launched a seed fund yesterday in conjunction with gaming companies Nexon and Wargaming that will target Europe-based digital game startups.
LVP Seed Fund I will seek to make initial investments sized between $50,000 and $500,000 in a market it believes has been underfunded by venture capital. Paul Heydon, one of LVP’s general partners, told TechCrunch the fund will invest in 20 to 25 startups over its lifetime.
In addition to freemium game producer Nexon and mass multiplayer online game developer Wargaming, the fund will also count Don Mattrick, chief executive of mobile gaming company Zynga, as a limited partner.
LVP already focuses on the online, social, mobile and tablet games sectors. Its previous investments include social gaming companies Supercell, the producer of Clash of Clans, in which Softbank and Gungho purchased a 51% stake for $1.5bn last year; NaturalMotion, which was acquired by Zynga for $527m in January; and Playfish, which was bought by Electronic Arts for $400m in 2009.