We find the project first.
The company comes after.
- Open will take share from closed: companies built on an open core will outgrow closed ones.
- Giving away the core sets the standard: free distribution and community integrations outrun slow incumbents.
- Community is the earliest signal: we meet creators within weeks of launch, before a pitch exists.
- Open source should need less capital: the community carries distribution, so the company carries the rest.
- Code alone is not a company: projects fail on weak models, poor markets and quiet communities, so we build the company around the code.
| Company | Year | Overview | Other backers | |
|---|---|---|---|---|
| Sonic | 2024 | Layer 1 led by Andre Cronje and the team behind Fantom. | ||
| Treasure | 2022 | On-chain gaming IP and collectibles network, entered in 2022 before the token had a listed market. | ||
| URnetwork | 2026 | Censorship-resistant internet access, built on crowdsourced residential bandwidth. | —Undisclosed |
|
| Oasys | 2022 | Gaming blockchain, backed by SEGA, Bandai Namco and Ubisoft. |  SBI Holdings |
|
 |
B3 | 2025 | Settlement infrastructure for agentic commerce, from the ex-Coinbase Base team. | |
 |
ArenaX | 2024 | Reinforcement learning platform for Sim2Real, across gaming and robotics. | |
 |
Chiliz | 2025 | Fan token platform, with FC Barcelona, PSG and Manchester City. | |
 |
Animoca Brands | 2021 | Web3 gaming’s largest holding company, entered pre-Series B. | |
| BetMakers | 2021 | ASX-listed B2B wagering infrastructure, supplying sportsbook operators. | ||
 |
Castile | 2024 | Web3 gaming distribution, led by ByteDance’s former Head of Gaming Publishing. | |
| Fableborne | 2023 | Mobile RPG studio led by ex-Konami and Jagex executives. | ||
| Lyka | 2022 | Australian fresh pet food brand, sold direct on subscription rather than through supermarkets. | LGVPLGVP |
|
 |
Manako | 2026 | Computer vision lab building mass-market consumer applications. |  Unsupervised |
 |
Mythical Games | 2025 | Mobile publisher behind NFL Rivals and MLB Champions, founded by ex-Activision executives. | |
 |
Redacted | 2026 | Mobile studio porting a land-based casino operator’s real-money IP, under an undisclosed counterparty. | —Undisclosed |
 |
SuperGaming | 2025 | Indian mobile studio behind Indus Battle Royale. |
Positions are current as of April 2026. We have deployed proprietary capital since 2022.
