LVP announces seed fund for game developers

The fund, LVP Seed Fund I, will commit equity tickets ranging from $50,000-500,000 to 20-25 portfolio companies, bringing its target to $1-12.5m; according to general partner Paul Heydon, the size of the fund is closer to $12.5m than $1m.

The vehicle is the first raised by LVP with third-party money.

Investors
Mr Heydon said that LVP partners had committed more than 20% of the fund's equity, and that a final close for the fund is expected before Christmas.

Don Mattrick, CEO of Zynga – the makers of social media game FarmVille – is among the fund's key backers. Other investors in the vehicle include Korean free-to-play online games business Nexon and online game developer and publisher Wargaming.

Investments
The fund will commit seed capital to gaming companies mainly located in Europe and the Nordic region.

All of LVP's investments to date have been in Finland, Denmark, Spain and the UK.

LVP invests exclusively in online, social, mobile and tablet games sector. Developers Brainbow, Playraven and Boomlagoon are among the companies currently in the LVP portfolio.

People
David Gardner, David Lau-Kee and Paul Heydon are general partners at LVP.

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