Ethereum startup Immutable launches a $500 million fund focused on Web3 games

Immutable, the Ethereum-based provider of NFT scaling solutions, announced the launch of an ecosystem fund worth $500 million.

We’re launching the @Immutable Developer & Venture Fund worth $500M to accelerate the adoption of Web3 games & projects.

Learn more ➡️ https://t.co/iUs5uYQsIq

Continue the thread below. ? pic.twitter.com/u5rPPsApAt

— Immutable | $IMX ⓧ (@Immutable) June 17, 2022

The fund will focus on financing developers of Web3 games and NFT-oriented startups built on Immutable. The structure plans to cooperate with other investors, including Animoca Brands, Arrington Capital and GameStop.

Immutable co-founder Robbie Ferguson told TechCrunch in an interview that the main aim is to enable scaling of next-generation Web3 games and to spur their adoption.

In September 2021, Immutable raised $12.5 million in the IMX token sale on the CoinList platform. It took less than an hour.

In the same month, the startup closed a Series B funding round worth $60 million.

In March 2022, Immutable raised $200 million from Temasek, Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings and others. Investors valued the project at $2.5 billion.

In May the startup, together with gaming portal Kongregate launched a $40 million fund to support blockchain games.

In June, the infrastructure blockchain platform Alchemy announced a program to support Web3 startups and developers worth $25 million.

Earlier, Andreessen Horowitz launched a $600 million fund aimed at “gaming infrastructure and metaverse technologies.”

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