Transcend Fund raises nearly $60M for second seed fund to invest in games and entertainment
The Transcend Fund is announcing the closing of its second seed fund of nearly $60 million to invest in games and digital entertainment.
If the fundraising environment looks bleak, don’t give up hope. There’s still money out there.
Transcend Fund II is focused on early-stage companies, and this time the VC fund will have more money in its chest to put into startups.
All told, Transcend Fund has $150 million in assets under management, including funding from limited partners for its first fund from 2020 as well as payouts from its investments, said Shanti Bergel, founder of the fund, in an interview with GamesBeat.
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“We’re still excited to keep going. When we look at market studies that show that every generation plays more games than the previous generation, the growth is inevitable,” Bergel said. “We are very cognizant of the current moment in time and how difficult it is to get anything done when things are so tight. And interest rates are where they are and that has knock-on effects. That said, we speak a lot with investment bankers about the current market for M&A. It has been hot and it has cooled a bit, but that always happens. We still see the road ahead as going up.”
Marking a substantial increase compared to its predecessor, Transcend II received widespread support from existing investors, along with the addition of new limited partners, including several renowned companies, family offices, and notable figures in the gaming and finance industries.
According to data from Pitchbook, the previous fund,
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