Modern Times Group invests in new VC fund Play Ventures
This is the Swedish company's 11th investment since November 2017
Modern Times Group has invested in the Play Ventures VC fund, its 11th investment in the space of just over a year.
Play Ventures, one of a handful of funds in which Modern Times Group has invested, was started by Rocket Pack co-founder Harri Manninen and Nonstop Games co-founder Henric Suuronen. MTG will be a limited partner in Play Ventures.
MTG announced its own fund in November 2017, with a view to taking minority investments in between five and ten companies each year. Including Play Ventures, it has now made 11 investments since then.
"This fund makes MTG one the most active investors in the gaming sector, with one of the broadest portfolios of content, tools and live experiences," said MTG's managing director for the US, Scott Rupp.
"Through our rich history in multi-platform storytelling and our unique family of games and esports companies, we can offer entrepreneurs much more than just capital to help them thrive."
The MTG portfolio also includes the esports startup fund Bitkraft, the location-based VR firm Nomadic, and Dauntless developer Phoenix Labs. The company will be seeking another ten startups in which to invest in 2019.