CMS Singapore has advised Play Ventures on the launch and closing of their debut gaming-focused VC fund, Play Ventures I. The fund was oversubscribed at $40m and includes a number of gaming stalwarts amongst its investors, including Angry Bird maker Rovio, esports and gaming entertainment company Modern Times Group, and Anton Gauffin, CEO of social gaming giant Huuuge Games.
The fund, which has already made ten gaming investments since achieving its first close in December 2018, will invest in pre-seed and seed-stage gaming and gaming services startups globally, with a focus on free-to-play mobile and PC opportunities.
CMS Singapore advised Play Ventures’ founders on the establishment and licensing of Play Ventures Pte Ltd., the Singapore-based manager of the fund, which is licensed as a Venture Capital Fund Manager by Singapore’s MAS. CMS Singapore subsequently advised Play Ventures on all aspects of the fund establishment, launch and closing, with the fund holding a final close at its hard cap of $40m.
Matt Nortcliff led the CMS team, supported by Nicole Chua. Matt Nortcliff comments: “We are delighted for Harri and Henric and the whole Play Ventures team on such a successful first fund raise, bringing together a stellar list of LPs that includes real heavyweights (both corporates and individuals) from across the gaming industry. We have enjoyed working with Harri and Henric from the Day 1 establishment and licensing of their Singapore business through the capital raise and now into the investment stage.”
Harri Manninen, co-founder of Play Ventures, shares, “We are delighted to have worked with Matt and Nicole from CMS through the fund formation process to the investment stage. Their legal advice, expertise and guidance have been very valuable to us."