Australian VC King River Capital dives back into Web3
King River Capital cofounder Zeb Rice started putting investors' funds back to work early last year after staying on the sidelines for more than a year.
Six months after Bitcoin began its incredible comeback, one Australian VC thinks it's time to flood money back into Web3.
King River Capital led a USD12 million ($18.7 million) round in Illuvium, a Sydney-based blockchain games studio, at the end of March. It came after it launched the USD100 million Inevitable Games Fund alongside blockchain platform Polygon and Australian crypto unicorn Immutable, which will invest in “Web3 gaming” — mobile and PC games that integrate blockchain technology like cryptocurrencies and NFTs.
It represents a renewed zest for crypto capital allocation for King River which, in 2022, raised money for a digital assets fund that it barely ended up using.
“It was early 2022 when we told our investors we didn’t know what to do with their money, because we thought it was the peak of a bull market,” King River cofounder Zeb Rice said. “We pretty much sat on 80% of the money for a year and a half … finally we started putting it to work last year.”
