Patron raised $90 million to invest in "spectrum of play"
Over 100 limited partners backed the $90 million debut Fund's raised by the company, including Chris Dixon Andreessen Horowitz, Robert Leshner, the CEO of Compound, and Roham Gharegozlou, the founder of Dapper Labs, the company behind NFT sports franchises like NBA TopShots and Crypto Kitties.
In recent years, Web 3 - a decentralized internet powered by tokens - has become widely adopted not just for video games, but for a variety of other applications including education, fitness, and finance.
Games, according to the founders, will shape the future. They believe that the most promising gaming potential will be found in Web 3, a decentralized internet built on technology such as blockchain, a transparent and secure digital ledger.
That means a diverse range of technology for gaming natives who grew up with not only games like Roblox and RuneScape but also consumer apps like Discord, TikTok, and Robinhood, as well as nonfungible tokens (NFTs) and cryptocurrency.
During an interview with GamesBeat, Cho said, “This idea of gaming intersecting with consumer apps and consumer software is actually an area where we get really excited.”
He adds, “Areas like education, personal finance, Fintech, and fitness are where some great companies have been built, like Duolingo, Robin Hood, Strava, and Zwift.”
Yeh was a founding team member of FirstMark Capital, which invested in Riot Games' Series A fundraising round, while Cho was an early hire of a16z. Cho worked with Riot until four months ago when he left to start Patron.
As of now, Patron has invested in four projects, including two with strong crypto and play-to-earn elements, and it is focused on gaming, cryptocurrency, and consumer apps.
CBW - External Analyst
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