London and Luxembourg-based Hiro Capital, an entrepreneur-led tech venture capital fund focused on video games, Metaverse technologies, creator platforms, and gamified fitness, announced on Monday that it has launched Hiro Capital II, a €300M fund.
The firm’s fund I was launched in 2019 at €115M and has made 21 investments over two and a half years. Some of those investments include emerging games studios Polyarc, Keen, Snowprint, Flavourworks, and Happy Volcano, and gamified fitness and creator platforms such as FitXR, Zwift, FRVR, Frameplay, LIV, and Loco.
In Jan 2022, Hiro Capital I also became the lead sponsor in a new acquisition vehicle focused on the video gaming and Metaverse sectors. Hiro Metaverse Acquisitions 1 began trading on the LSE on February 7, 2022, only the second-ever SPAC to list in London. Hiro MA1 raised £115M (approx €137.66M) to target games and Metaverse acquisitions in the $600M – $2.25B range (nearly €536.56M – €2B)
What to expect from the new fund?
According to Hiro Capital, the new fund will back emerging gaming and Metaverse innovators at Seed, Series A, and Series B stage across the UK, Europe, and North America (and selectively in the rest of the world). Hiro II will make its first investment in April.
Hiro’s founding partner Luke Alvarez says, “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.”
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