According to Block, Japan’s Akatsuki Corporation has announced that it has raised a $20 million fund to invest in the web3 project.
In a press release, the Japanese game and entertainment company said that a fund named “Emoote” will focus on supporting startups participating in GameFi, Non-Fungible Token (NFT) and Metaverse projects.
According to The Block, Akatsuki is investing in a nearby cryptocurrency project. The company has funded more than 20 early stage startups, including the rapidly expanding startup STEPN.
Akatsuki’s new $20 million investment fund, listed in Tokyo, will focus 50% on Asia and 40% on the US, with the rest of the funds going elsewhere.
The company added that the fund will also focus its efforts on cooperation with Japanese entertainment and media companies.
Akatsuki was first founded in 2010 and has a global presence to co-develop Dragon Ball Z: Dokkan Battle with Bandai Namco Entertainment, which has had over 350 million downloads worldwide as of May 1st.
Ahead of Emoote’s web3 venture, venture capital firm Andreessen Horowitz (a16z) launched a $600 million fund known as Games Fund One in early May.
According to , 16z has raised a $200 million fund, believing it will help it gain sufficient market share in the $300 billion+ gaming industry.
Huge funds are used to support startups building various solutions in this space. These solutions provide the infrastructure, support the developer ecosystem, and compete directly with game development, Blockchain added.