Japanese gaming and entertainment company Akatsuki announced Wednesday that it raised $20 million to invest in web3 projects.
Akatsuki stated in a press release that the Emoote fund will support startups involved in projects in GameFi, metaverse and non-fungible tokens.
Akatsuki explained that Emoote is the name chosen to indicate that NFT consumption is based upon “emotional values”.
The company has formed to invest in crypto-adjacent project, having previously funded more than 20 startups at early stages, including Stepn, a rapidly scaling, move-to-earn startup.
The fund’s investment focus is on Asia at 50% and the United States at 40%, the rest being directed towards other regions. According to the firm, the fund will also be collaborating with Japanese media and entertainment companies.
Akatsuki, a Tokyo-listed company, was first established in 2010. It was co-developer of Dragon Ball Z: Dokkan Battle, a hit title that Bandai Namco Entertainment released. As of May 1, the title had been downloaded more than 350 million times around the world.
Emoote is a web3 project that follows investors who are looking to make it big. In May, Andreessen Horowitz, a venture capital firm, launched a $600m fund called Games Fund One.
