Venture Capital firm Hiro Capital has launched a €300m second videogames and Metaverse technologies venture fund, almost tripling the size of its predecessor.
Hiro Capital II will target early-stage games and Metaverse innovators across UK, Europe and North America and will be announcing its first investments in April, the firm said.
Hiro launched its first fund in 2019 with €115m of commitment.
The fund is now 80% invested with 21 investments including in games studios Polyarc, Keen, Snowprint, Flavourworks and Happy Volcano, and gamified fitness and creator platforms such as FitXR, Zwift, FRVR, Frameplay, LIV and Loco.
Hiro 1 is also the lead sponsor of Hiro Metaverse Acquisitions 1, Europe’s first games and Metaverse SPAC, which raised £115m in its London IPO.
Hiro Capital managing general partner Luke Alvarez said, “We have been believers in the Metaverse since we created the fund in 2018. Our goal with Hiro is to bring founder-focused venture funding to Games studios and Metaverse technology creators.
“In 2022 we are at a pivotal moment in the very early phases of the Metaverse, VR, AR and Web3 — these revolutions will take at least a decade and much of the creativity and technology innovation will start in Games.
“As a team, we have the experience and networks to support the incredible talent that we find across Europe, the UK and beyond. Our new fund gives us more firepower to find and develop emerging stars and level them up to global scale.”
Hiro Capital II boosted the firm’s AUM to $650m.
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