Gaming VC Fund Lumikai Launches Second Fund Worth $50 Mn
Lumikai, a VC fund focused on gaming and interactive media, has launched its second fund (Fund II), targeting a $50 million corpus from global investors.
As per the VC firm, the funds will be utilised to support promising gaming and interactive media entrepreneurs in India, ranging from pre-seed to Series A investments.
The VC fund is also inviting domestic rupee capital with the setup of a dedicated $10 million alternative investment fund for Indian limited partners.
Lumikai Launches Second Fund (Fund II)
Marquee investors like South Korea’s Krafton and Smilegate, Japan’s Mixi and Colopl, Finland-based decacorn Supercell, Indian gaming startup Nazara, and the family offices of Jeejeebhoys, KCT Group, DSP Kothari, and Sattva Group have invested in the fund.
Several high net-worth individuals (HNIs), including Ben Feder (former CEO of Take-Two Interactive), Jon Vlassopulos (CEO, Napster), Pankaj Gupta (founder, Gulf Islamic Investments), and Akshat Rathee (Founder, Nodwin Gaming), also participated in the fundraise.
Speaking about the development, Salone Sehgal, Founding General Partner, Lumikai, said,
“Over the course of the last three years, we have witnessed over 1,400 deals and seen the industry attract investor interest, deepen founder quality and achieve liquidity events. We continue to remain bullish on the long-term potential of the India interactive market, and this is our opportunity to build on the foundation we have laid.”
Lumikai, through Fund II, aims to identify and invest in 18-20 category-leading bets, stated Salone Sehgal, Founding GP of Lumikai. Through this fund, Lumikai will invest in five key areas: gaming content and digital media; companies leveraging applied game mechanics and interactive touchpoints; UGC platforms and creator economy; tools, technology, and infrastructure; and frontier bets such as generative AI, mixed reality, virtual identities, and edge computing.
The second fund (Fund II) has completed its first close. Also, it has a pipeline of planned investments, including three deals at the term sheet stage with industry veteran-led companies focused on content, platforms, and frontier areas.
Commenting on the development, Justin Shriram Keeling, Founding General Partner at Lumikai, said,
“Lumikai was created ground-up to be a focal point for the next generation of superstar gaming and interactive media founders. These sunrise sectors have seen tremendous tailwinds since we launched the fund, and we are privileged to have a front-row seat in this revolution.”
Lumikai launched its Fund-I worth $40 million back in 2020 and had already backed gaming and interactive media startups, including Elo Elo, Studio Sirah, Loco, Bombay Play, Buystars, House of X, Gigafun Studios, and several others.
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