Participated · Seed · Feb 2024

Crystal Fun is a Singapore-based decentralized gaming mega-ecosystem and studio focused on integrating high-quality games with sustainable economic systems for Web3. The company raised $5M in Seed funding and will use the proceeds for production and operation of its games and the platform. Crystal Fun has announced plans to release four games: OUTER, Endless War, StarFall, and Survivor. OUTER is currently being tested and is described as a highly free and open-ended role-playing game set against the backdrop of space exploration, featuring rich gameplay and a complex economic system. The studio combines game development and platform operation to support in-game economies and user experiences.

Participated · Equity · Feb 2018

Kakao Games is the spun-out games business of Korea’s dominant messaging and internet company Kakao. The unit pulled in $130 million (140 billion KRW) from strategic investors as it positions for an IPO. Investors included Tencent (investing via two subsidiaries), Korea’s Netmarble Games (backed by Tencent), game studio Actozsoft, Bluehole Studio, and M&A fund Premier Growth. Kakao Games has primarily helped Korean developers take their titles overseas and is now focused on international growth and potential M&A, according to its Asia head. The games business was spun out last year and Kakao said it planned to list the unit this year; Kakao’s parent has also completed a $1 billion placement in Singapore for international expansion. Kakao operates a wide range of consumer services—including taxi-hailing, deliveries, comics and payments—and intends for the central Kakao business to act as a holding company over independent units.