Russia's The Games Fund moves to Miami
pcgamesinsider.bizRussian-based The Games Fund has moved its operations to Miami, Florida.
Speaking to GamesBeat, the VC outfit decided to do this due to – what else? – Russia invading Ukraine in February of this year. The Games Fund has decided to make Miami its new home. The firm's portfolio features 11 companies, nine of which had core teams based in Russia, too. They have since relocated out of the region, partly because of the threat of sanctions, but also in part due to The Games Fund.
“There are a lot of changes before us, but at least for now, it’s clear how to navigate the storm,” co-founder Ilya Eremeev said.
He adds that fortunately The Games Fund hasn't taken on any "toxic money" into its pot, meaning that it still has access to all of its cash.
“The good part is that we have been really picky in choosing our investors, and we don’t have any toxic money,” Eremeev said.
“Our bank accounts are in the U.S. Of course, we didn’t expect that things would end up this way. We just wanted to operate with like-minded people.”
The Games Fund was rolled out in April 2021 with $50 million for early-stage investment.
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