Hiro Capital, a London-based tech VC has launched a €300m (£251m) fund to invest in gaming and metaverse companies in North America, United Kingdom and Europe. The Hiro Capital II fund will invest in companies at Seed, Series A and Series B rounds.
Hiro Capital’s recent fund of €115m has made 21 Series A and B investments into eSports, gaming as well as metaverse companies since 2019. These include FitXR, a London-based fitness virtual reality start-up and Keen Games, a Frankfurt-based developer studio.
Managing General Partner at Hiro Capital, Luke Alvarez stated, “We have been believers in the Metaverse since we created the fund in 2018. Our goal with Hiro is to bring founder-focused venture funding to games studios and metaverse technology creators.”
What next for the metaverse, VR, AR, and Web3?
Alvarez went on to add that “We are currently at a “pivotal moment in the very early phases of the metaverse, VR, AR and Web3.” He mentioned that it’ll take “at least a decade” for them to be fully realised. And concluded by saying “much of the creativity and technology innovation will start in games.”
The company, which also has a headquarters in Luxembourg stated that it will be announcing the first investments from its newest fund come April. Ever since it was founded in 2018, Hiro Capital has made the metaverse its main focus for connected digital worlds that users can access by virtual reality and augmented reality headsets.
Although VR and AR have been around for quite some time, the technology has seen a massive surge in interest from tech giants ever since social media behemoth Facebook rebranded to Meta to reflect how serious it is taking the metaverse.
While the metaverse doesn’t quite exist (or at least in a form that truly fulfils its future promises) experts believe that its development will be heavily inspired by the gaming industry.