A major Venture Fund has been launched by Play2Live for future investments in the ever-growing world of gaming and esports.
Founded in 2017, Play2Live was launched with the vision to bring a new sense of interaction between streamers, esports tournament organizers, and viewers in a 'seamless system.'
The service utilizes 'blockchain' technology, along with a 'Level Up Coin' (LUC) token that can be converted into a collection of different currencies, and allows everyone within the ecosystem to potentially earn money.
In May, it was announced that Play2Live will be launching a venture fund with an initial value of $2 million with the intention of backing various projects relating to esports and gaming.
With the esports industry estimated to reach a volume of $1.5 billion by 2020 in terms of investments, numerous companies and startups are attempting to make their way into the space, however, may require financial assistance to get moving.
Alexey Burdyko, the Founder and CEO of Play2Live, mentioned how they receive a plethora of inquiries from potential startups and groups looking to get into the esports and gaming world, and that it is 'extremely important' for Play2Live to help provide support.
"It is extremely important for us to support fast-paced, rich in opportunities esports market. Every day we receive calls from projects preparing for the token sale, or various startups looking for financial investments. To help them in the most efficient way and to identify the most promising ones, we decided together with Play2Live partners and investors to launch a fund and start working right away. And of course, we will consider potential synergy with Play2Live. Our platform provides expanded ecosystem open for partnerships with promising young market players"
Projects from Eastern European countries and CIS will be the main focus of the fund, with a range of $50k to $150k in terms of investments. Developers, gamedev specialists, and blockchain experts will also gather for 'hackathons' in areas such as Minsk, Moscow, and Kazan with the aim to find projects in different areas of the gaming field.
Play2Live is set to announce the first investment deals 'in the coming months' from the time of writing.