India-based mobile game platform developer Winzo has formed a third Game Developer Fund sized at $20m, Press Trust of India reported on Monday.
Griffin Gaming Partners was among the limited partners for the vehicle, and the close came after it had joined fellow venture capital firm Makers Fund to back Winzo’s $65m series C round in July this year.
Founded in 2017, Winzo has built an online social gaming portal that has more than 70 video games in 12 languages and more than 50 million registered users. It is in the process of forming a team to assess and back entrepreneurs through the third vehicle.
The company had secured $1.5m for an initial fund in mid-2019, and the capital went to nine game developers including Bhoos Entertainment.
A $5m second fund was closed in November 2020 and featured similarly undisclosed backers. The company provided capital for 70 games through the vehicle from more than 500 applicants.
Winzo co-founder Paavan Nanda said: “Over the next decade, [gaming] will not just be a high potential market but will also be yielding multiple unicorns and some emerging gaming companies at a global scale.”
