London-based Hiro Capital launches €300m fund to target videogames and metaverse tech
London-based investment firm Hiro Capital has launched a second €300m fund today to target emerging gaming and metaverse technologies, as it looks to capitalise on a wave of so-called ‘Web3’ innovation.
The new fund Hiro Capital II, which will target earlier stage businesses primarily based in UK, Europe and North America, said it is looking to invest in businesses in games, Esports, ceator platforms and gamified fitness.
Hiro founding partner, Luke Alvarez, said new games studios and metaverse technology creators would see huge growth in the next decade.
“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,” he said.
“Our new fund gives us more firepower to find and develop emerging stars and level them up to global scale.”
The new fund follows Hiro last month backing a new acquisition vehicle focused on the videogaming and metaverse sectors.
Hiro Metaverse Acquisitions 1, a special purpose acquisition company (SPAC) began trading on the LSE on 7th February, becoming only the second ever SPAC to list in London.
Hiro MA1 raised £115m in the floatatioin to target Games and Metaverse acquisitions in the $600m-$2.25bn range.
Between 2019 and 2022, Hiro has made 21 Series A and B Games and Metaverse investments across the UK, EU and USA.
The Hiro 1 portfolio, the first fund launched by the firm, is now invested around 80 per cent invested and bosses say has performed strongly, across fast-growing investments such as Seattle firm Polyarc, London-based FitXR, Lisbon headquartered games provider FRVR.