White Star Capital secures $120M backed by gaming company Ubisoft

Global multi-stage technology investment firm White Star Capital has announced that it has secured $120 million in new funding round for its second Digital Asset Fund (DAF II) with the aim to invest in early-stage blockchain and Web3 businesses. The game publishing company Ubisoft mainly backed the fund with the plan to take a special focus on DeFi and gaming.

The gaming company will invest around $7 million in around 20 to 25 companies in each, North America, Asia, and Europe.

Because of the company’s increased focus on DeFi, Web3, and blockchain-based technology, it appears that it will begin to promote companies that use or build metaverse solutions. This would place it in the space where Animoca Brands has carved out a nice little space for itself.

Stacks-based DeFi protocol ALEX and decentralized exchange (DEX) ParaSwap are among White Star’s previous investments since its first DAF in 2020.

Building a bridge between gaming and metaverse

On Sunday, it also gave its support to the Bitcoin Odyssey, an initiative in which investment firms would invest $165 million in solutions aimed at increasing Bitcoin (BTC) acceptance.

Early this week, Metaverse and NFT gaming investments are on the rise as traders seek diversification from the crypto markets’ negative price movement. According to the analysis by TheCoinRise, Bitcoin is currently selling at just below $40,000, down 5.62 percent in the last 24 hours.

On Monday, the creator of Fortnite, Epic Games, revealed that it had raised $2 billion from Sony Group Corporation and KIRKBI, the holding company of the LEGO Group. As we reported, Epic’s new commitment to develop virtual games for the Metaverse caught the interest of investors.

On the other hand, investment giant Animoca Brands also announced the $15.3 million acquisition of racing game publisher Eden Games in order to expand its REVV Motorsport NFT game ecosystem and create more metaverse games.