Solana, FTX, and Lightspeed Start $100M Gaming Fund

Solana Ventures, FTX, and Lightspeed Venture Partners have teamed up to launch a $100 million gaming fund called GameFi.

The fund will facilitate investments in video game developers, tech companies, and other projects at “the intersection of blockchain and gaming.”

Earlier this month, the trio led a $21 million funding round in Miami-based studio Faraway Games, the fund’s first investment.

The video game market is projected to reach $219 billion in 2024.

• Lightspeed has invested in gaming companies including Epic Games, Hidden Leaf, 1017 Games, and Tripledot Studios.
• In June, FTX acquired naming rights to esports organization TSM Esports in a 10-year, $210 million deal that included cryptocurrency for all TSM players and employees.
• Earlier this month, Solana took part in a $725 million Series B round in crypto gaming startup Forte that included Andreessen Horowitz and Warner Music Group.

In October, FTX closed a $420.7 million funding round, valuing the crypto exchange at $25 billion, while LightSpeed has more than 400 active investments with $10.5 billion in committed capital.

Solana has raised roughly $335.8 million in total funding and has made eight investments, including its participation in last week’s $21 million seed round in BetDex, a blockchain-based sports betting platform.