Gaming Industry Report Q3 2023

Oct, 2023 Gaming Industry Report
Q3 2023
1

Gaming: at a glance
• 2023 market size: $188b (+3% YoY)
• Public markets: leading public gaming
ETFs up to 20% YTD
• Venture funding in Q3‘23: $454m across
87 rounds (funding is -9% QoQ)
Total gamers in 2023 by region:
Source: CB Insights, Newzoo, Sony, Microsoft, Nintendo, public reporting, Drake Star
Key Trends
• Unity pricing changes
• MSFT <> ATVI: approved on October 13
• Roblox : older age demographic, creator
tools, and monetization
• OTT streaming services expand gaming
offerings
• Handheld game ecosystems
2
1,789
(53% )Asia -Pacific
237
(7% )
North America
335
(10% )
Latin America
447
(13% ) Europe
574
(17% )
Middle East & Africa
3,381m

Gaming is a $188b market today with an 8.94%
CAGR projected through 2028
$20 $22 $23 $26 $28
$55 $60 $64 $68 $71 $77
$107 $122
$152 $166
$188 $204
$243 $264
0
50
100
150
200
250
300
2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2028 2001
$32 $42
$85 $93
$138
$180 $183
$223
$288 +8.94%
Source: IFPI, Newzoo, Arstechnica, MPAA, Mordor Intelligence
Actual Projected $ in billions
3

Gaming funding: private markets overview
4
1: Includes transactions such as Private Equity, Growth Equity, Corporate Minorities, PIPEs, and others. This excludes M&A; 2 : V C includes Pre -Seed through Series I VC; Note: Historical data across reports is subject to change, as source adds new deals as they become public; Source: CB Insights
$ in millions
Q1 -19 Q2 -19 Q3 -19 Q4 -19 Q1 -20 Q2 -20 Q3 -20 Q4 -20 Q1 -21 Q2 -21 Q3 -21 Q4 -21 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23
$1,220
$591 $1,173 $1,127 $1,058 $1,303
$2,820
$1,554
$2,699 $3,082
$4,039
$4,970
$4,220
$7,108
$1,912
$1,253 $864 $565 $665
2019: $4,111 2020: $6,735 2021: $14,789 2022: $14,492 2023: $2,093
Other Transactions 1 VC 2
Investment into gaming has normalized to pre -COVID levels

Gaming debt financing overview
5
$ in millions
$53
$95
$439
$125
$33 $10 $3
2019 2020 2021 2022 Q1 -23 Q2 -23 Q3 -23
2023: $46
Note: Historical data across reports is subject to change, as source adds new deals as they become public; Source: CB Insight s
Debt is not a common instrument of funding in gaming

Gaming VC funding: $454m ( – 9% QoQ)
6
Note 1: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Note 2: Historical data across repo rts is subject to change, as source adds new deals as they become public; Source: CB Insights
$ in millions
Q2 -19 Q3 -19 Q4 -19 Q1 -20 Q2 -20 Q3 -20 Q4 -20 Q1 -21 Q2 -21 Q3 -21 Q4 -21 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23 Q1 -19
$308
$935 $734 $551 $415
$771
$1,051
$1,987
$1,578
$3,015
$3,324
$2,747
$1,628
$1,262
$806 $793
$498 $454 $596
Unattributed VC Late Growth Early
2019: $2,574 2020: $2,788 2021: $9,903 2022: $6,443 2023: $1,745
VC funding in gaming has normalized to pre -COVID levels

Gaming VC deals: 87 ( – 5% QoQ)
7
Note 1: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Note 2: Historical data across repo rts is subject to change, as source adds new deals as they become public; Note 3: CCP in Q1 -23 ($40m) is classified as a Series B (unat tributed publicly); Source: CB Insights
# of deals
78 55 79 72 79 71 92 97 111 109 115
191 224
158
113 107 117 84 76
16 21 17 22
27
23
16
1 1
2
2 3
1
2 4 2 6
5 7
7
8
8
9
Q3 -19
9
Q4 -19
10
Q1 -20
17
Q2 -20
10 0 12
Q3 -20 Q4 -20
10
Q1 -21 Q2 -21
7
Q3 -21
11
Q4 -21
0
Q1 -22 Q1 -19
0
9
Q2 -22 Q2 -19
11
Q3 -22
7
Q4 -22
7
Q1 -23
8
Q2 -23
7
Q3 -23
92
68
92 87 92 2
109 122
144 129 147
230
254
182
132
85
129
92 874
5 6 3
5
4
120
Unattributed VC Late Growth Early
2019: 339 2020: 408 2021: 650 2022: 688 2023: 308
Early stage remains vibrant, growth stage quiet, late stage is silent

Gaming in the public markets
Stock performance of Gaming ETFs, % change from January 2020
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2021 2020 2022 2023
Source: Public reporting as of October 5, 2023; Note: ESPO seeks to track the MVIS Global Video Gaming and eSports Index (MVESPOTR), HERO seeks to track a modified market -cap -weighted global index of companies in video games and esports industry
8
YTD change (9/30):
• ESPO: 20.3%
• HERO: -0.4%
• S&P 500: 11.7%
ESPO HERO S&P500
This year, public gaming stocks peaked in July

Public gaming companies hold $45b in cash
and equivalents; a healthy M&A environment
Gaming companies Tech companies with Gaming divisions
Company Cash & equivalents 2 (USD)
$13.2b
$8.9b
$3.5b
$2.3b
$1.9b
$1.8b
$1.8b
Others 1 $11.8b
Total $45.1b
Company Cash & equivalents 2 (USD)
$51.5b
$49.7b
$34.7b
$28.8b
$28.4b
$25.9b
$10.3b
$7.7b
Total $229.4b
1: Unity, Ubisoft, Konami, Square Enix, Sega, TTWO, Playtika , Applovin , Krafton , Roblox, Embracer, NCSoft ; 2: Does not include short – term investments; Source: Latest public reporting (converted to current exchange rate)
9

Gaming M&A: 90 transactions YTD
10
28 33 38 42
27 24
44 49 55 60
72 66 71
51
43
35 41
28 26
Q1 -19 Q2 -19 Q3 -19 Q4 -19 Q1 -20 Q2 -20 Q3 -20 Q4 -20 Q1 -21 Q2 -21 Q3 -21 Q4 -21 Q1 -22 Q2 -22 Q3 -22 Q4 -22 Q1 -23 Q2 -23 Q3 -23
2019: 141 2020: 144 2021: 253 2022: 200 2023: 95
M&A activity has normalized to pre -COVID levels
Note 1: Deals are not included in the private markets overview or the debt financing overview; Note 2: Deal transaction value s a re predominantly not disclosed; Note 3: Historical data across reports is subject to change, as source adds new deals as they be com e public; Source: CB Insights

Largest gaming tech & platform VC deals
Gaming tech & platform investments – Q3 2023
Source: CB Insights
11
Source: CB Insights
Stage Raise, $m Region Company name
Seed $33.0 North America Proof Of Play
Seed $10.0 North America GGWP
Series A $8.2 Europe GEEIQ
Series D $7.2 Asia Mint Town
Seed $5.0 North America Gamercraft
Seed $5.0 Asia Xborg
Seed $3.0 North America NPCx
Pre -Seed $2.2 Europe Martian Lawyers Club
Seed $2.0 Europe GAM3S.GG
Series A $15.0 North America Pahdo Labs
Comments:
• Half of the top 10
Tech & Platform deals
were into companies
in North America
• The top 10 Tech &
Platform funding
totaled $90.6m this
quarter
• Proof of Play, who
had the largest
gaming tech &
platform deal in Q3,
and Pahdo Labs also
develop games
(Content)

Largest game content VC deals
Game content investments – Q3 2023
12
Source: CB Insights
Stage Raise, $m Region Company name
Series C $100.0 Asia Candivore
Series A $30.0 Australia Heynext Software
Unattributed VC $20.0 Asia Animoca Brands
Series A $15.0 Europe Xterio
Series A $13.0 North America FuzzyBot
Seed $12.0 Europe Mahjong Meta
Seed $33.0 North America Proof Of Play
Comments:
• 5 of the top 10
Content deals were
into companies in
North America
• The top 10 Content
deals totaled $273.5m
this quarter (3x that
of tech & platform)
• For Australia, Heynext
Software ($30m) was
larger than all deals
done from Q2 2022 to
Q2 2023 combined
Series A $20.5 North America Mountaintop
Series B $15.0 North America Beat the Bomb
Series A $15.0 North America Pahdo Labs

Regional Breakdown 13

Gaming deals globally: at a glance
Note 1: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Note 2: Some funding amounts may no t be disclosed in source data; Source: CB Insights
Gaming venture funding in Q3 2023, $m
33
24
17
4
2
2
2
0
Asia
0
North America (NA)
0 1
Europe Australia South America Africa
39
28
18
1 0 1
Number of gaming venture deals in Q3 2023
$63
$152
$59
$30
$110
$16
$20
0
50
100
150
200
Asia
$4
North America (NA)
Europe Australia South America Africa
$193
$172
$59
$30
$0 $0
14
Late Early Growth Unattributed VC

Asia: ~40 deals done per quarter in 2023
Date Size
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights
Largest gaming VC deals in Q3 2023
Gaming venture funding from Q1 2019 through Q3 2023 , $m
# of gaming venture deals from Q1 2019 through Q3 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
$86 $70 $45 $62 $73 $165 $222 $531 $477 $517 $712
$1,276
$576 $460 $339 $361 $224 $193 $89
‘19: $289 ‘20: $522 ‘21: $2,237 ‘22: $2,651
15
‘23: $778
$20.0m Sep -23
$11.8m Jul -23
$100.0m Aug -23
$7.2m Jul -23
$5.0m Jul -23
$5.0m Jul -23
Company
Animoca Brands
Blackstorm Company
Candivore
Mint Town
MetaCene
Xborg Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
20 32 30 24 26 41 42 61 53 61 85 105
71 55 49 42 41 39 33
‘19: 115 ‘20: 133 ‘21: 260 ‘22: 280 ‘23: 122
Late Early Growth Unattributed VC

NA: 90% of deals are early stage
16
Date Size
Largest gaming VC deals in Q3 2023
Gaming venture funding from Q1 2019 through Q3 2023 , $m
# of gaming venture deals from Q1 2019 through Q3 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
$423 $168
$789 $559 $454 $290 $344 $662
$1,249
$735
$1,540 $1,971
$700 $724 $470 $269 $281 $170 $172
‘19: $1,939 ‘20: $1,750 ‘21: $5,495 ‘22: $2,164 ‘23: $623
Company
$20.5m Sep -23 Mountaintop
$15.0m Sep -23 Beat the Bomb
$33.0m Sep -23 Proof Of Play
$15.0m Sep -23 Pahdo Labs
$13.0m Sep -23 FuzzyBot
$10.0m Jul -23 GGWP
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
29 38 33 41 34 35 42 42 42 54
81 76 61
39 46 55
26 28 27
‘19: 127 ‘20: 152 ‘21: 219 ‘22: 222 ‘23: 109
Late Early Growth Unattributed VC
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights
$5.0m Jul -23 Gamercraft

Europe: on average, smaller deals getting done
17
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights
Date Size
Largest gaming VC deals in Q3 2023
Gaming venture funding from Q1 2019 through Q3 2023 , $m
# of gaming venture deals from Q1 2019 through Q3 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
$55 $63 $69 $34 $49 $141 $160 $200 $357
$890
$595 $496 $288 $313 $198 $112 $97 $59 $84
‘19: $272 ‘20: $384 ‘21: $2,042 ‘22: $1,295 ‘23: $267
$12.0m Aug -23
$8.2m Sep -23
$15.0m Jul -23
$2.2m Aug -23
Company
Mahjong Meta
GEEIQ
Xterio
Martian Lawyers Club
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
19 20 22 25 23 30 35 36 31 28
51 58
40 32 24 27 22 18 31
‘19: 92 ‘20: 113 ‘21: 146 ‘22: 154 ‘23: 67
Late Early Growth Unattributed VC

Australia: first month with >=$30m since Q1 2022
18
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights
Date Size
Largest gaming VC deals in Q3 2023
Gaming venture funding from Q1 2019 through Q3 2023 , $m
# of gaming venture deals from Q1 2019 through Q3 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
$0 $13 $0 $1 $0 $0 $7 $5 $2
$68 $38
$219
$27 $17 $0 $6 $7 $30 $0
‘19: $14 ‘20: $8 ‘21: $113 ‘22: $263 ‘23: $43
$30.0m Jul -23
Company
Heynext Software
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
0
2
0 1 1 0
3 2 2 3
7 8
4 3
1 1 2 1 1
‘19: 3 ‘20: 5 ‘21: 14 ‘22: 16 ‘23: 4
Late Early Growth Unattributed VC

South America: no deals done in Q3 2023
19
Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights
Date Size
Largest gaming VC deals in Q3 2023
Gaming venture funding from Q1 2019 through Q3 2023 , $m
# of gaming venture deals from Q1 2019 through Q3 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
$0 $0
$60
$0 $0
$120
$0 $2 $0 $0 $7 $34 $12 $0 $0 $6 $1 $0 $0
‘19: $60 ‘20: $120 ‘21: $9 ‘22: $46 ‘23: $7
Company
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
0 0
2
0 0 1 0
2
0 0
4 5
3
0 0
3
1 0 0
‘19: 2 ‘20: 1 ‘21: 6 ‘22: 8 ‘23: 4
Late Early Growth Unattributed VC

Africa: one deal done in Q3 2023
20
1: Undisclosed deal value; Note: Early = Pre -Seed through Series A, Growth = Series B through D, Late = Series E+ VC; Source: CB Insights
Date Size
Largest gaming VC deals in Q3 2023
Gaming venture funding from Q1 2019 through Q3 2023 , $m
# of gaming venture deals from Q1 2019 through Q3 2023
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 Q1
$0 $0 $0 $0 $3 $0 $0 $0 $6 $0 $2
$22
$1 $1 $0
$27
$0 $0 $0
‘19: $0 ‘20: $3 ‘21: $8 ‘22: $24 ‘23: $27
Company
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 Q1
0 0 0
1 1
2
0
1 1 1
2 2
3 3
0
1
0
1
0
‘19: 0 ‘20: 4 ‘21: 8 ‘22: 8 ‘23: 2
Late Early Growth Unattributed VC

Trends + Current Events
1 Unity pricing changes
2 MSFT <> ATVI: approved on October 13
3 Roblox: older age demographic, creator tools, and monetization
4 OTT streaming services expand gaming offerings
21
5 Handheld game ecosystems

Unity pricing changes 1
22
Background: To address a lack of profitability, IDFA pressure on the Ads business (Grow Solutions) and a trend toward smaller
teams which would degrade the value of their per -seat model, Unity announced a new “ Runtime Fee ” which charges by download.
After vocal backlash in the community, they made modifications – removing the fee for Personal users, limiting the fee to the
newest versions of Unity and adding an alternative pricing option based on gross revenue.
What is the real impact on the gaming industry?
• Protecting the Ads business: prior to the pricing update, Marc Whitten, president of
Unity Create, pointed out that only around 10% of Unity users will incur these new
costs (primarily hypercasual ). However, it has been reported that studios, using Unity’s
LevelPlay ad platform had already been offered a 100% Runtime Fee waiver, leading us
to believe that this model change is to decrease the incentive for developers to move
from Unity to AppLovin
• Still undercutting engine alternatives: 70% of top mobile games are built on Unity,
driven by the engine’s technical advantages in mobile development. While prior to the
updated pricing, there was rumors that developers would attempt to shift to
alternatives, the 2.5% gross revenue share is still cheaper than Epic’s Unreal Engine
(5%) or in -house development and is a marginal cost versus learning open -source
options like Godot
• Eroded trust, but not enough to meaningfully impact the business: even with the
current pricing model, some developers are wary of the potential for future changes
Source: Unity, GameDeveloper , PC Mag, Mobilegamer.biz

MSFT <> ATVI: approved on October 13 2
23
• To address the CMA’s concern around anti – competitive potential in cloud gaming, MSFT agreed to divest ATVI’s cloud streaming rights to Ubisoft for the next 15 years
• UK regulators determined th at the restructured deal would preserve competitive prices, better services, and more choice
• Despite the FTC’s renewed complaints, the determination by the CMA suggests that the deal is likely to close, and the parties are expected to have a final decision by October 18 th
• Ensured non -exclusivity: despite Microsoft asserting that ATVI content will be available through other providers, this concession of rights to Ubisoft cements that they will not be able to make these games (e.g., Call of Duty, Diablo, Hearthstone) exclusive to their own streaming platforms
• Unlocking new business models for Ubisoft : Ubisoft has the right to license out the ATVI streaming rights worldwide any business model of its choosing, including buy -to-play, multi -game subscription services, or any other model that may arise. In addition to providing Activision games on Ubisoft+ (1 st-party game subscription service), Ubisoft will have the option to license these games via other streaming services as well
• Amazon Luna, NVIDIA have time to compete : given existing cloud infrastructure and capital , the selling of ATVI streaming rights to Ubisoft gives these players time to aggregate content to better position themselves versus Microsoft . Given the high capital requirements, unestablished entrants (start ups) are still unlikely
Source: CMA, FTC, Engadget , Gov.UK, Financial Times, Reuters
Following ATVI’s decision to divest cloud streaming rights to Ubisoft, the CMA approved the acquisition on October 13

Roblox continues to invest in older age
demographic, creator tools, and monetization
3
24
What is working today? What to expect in 2024+
1 Consistently growing engagement: daily
active users and hours engaged are growing
25% YoY
2 Successful external brand engagement:
across 200 brand activations, there were 2.3b
visits. On average, players were spending 11.7
mins in these experiences
3 Older player demographic is engaged and
growing
1 More creator tools: improve accessible
creation, AI/ML -enabled tooling, improved
creator marketplace
2 More monetization opportunities: improved
immersive ads, new subscription business
models, more branded merchandise, limited
edition item creation
3 Improved social experiences: calling,
enabling future social experiences such as
dating
Source: Roblox (Q2 2023 Earnings Report, Roblox Developer Conference)
27.7 36.8 24.2 28.2
Q2 -22 Q2 -23
52.2 65.5
Under 13 Over 13
6.2
5.0
Q2 -22
8.2
5.7
11.3 14.0
Q2 -23
DAUs (m) Hours engaged (b)

OTT streaming services expand gaming offerings 4
25
66% 70%
76% 77%
2020 2021 2022 2023
• Games on TV are meant to expand access to more content for Netflix’s 238m subscribers
• Last month, Netflix kicked off its first public test of its cloud – streamed games in a “limited beta test” available to subscribers in Canada and UK
• To play games, users use their mobile phones – a “controller that we already have in our hands most of the day”
• Available on Amazon Fire TV streaming media players, Chromecast (Google TV), LG TVs, Nvidia Shield TV, Roku devices, Samsung Smart TVs and Walmart Onn TV
% of US households with
a smart TV
• Games are the latest expansion of YouTube as it becomes an all -in-one entertainment service (live streaming, streaming service, VODs, TV, and games)
• Last month, YouTube launched 1 its next “experimental offering” , Playables , where users can play games directly on YouTube; this is only available to a select number of users
• This is an evolution of Google’s “GameSnacks” and the most recent games endeavor since discontinuing Stadia in January
1: Launched for a limited number of users; Source: TV Technology, The Verge, TechCrunch, Variety, Netflix, Google

Handheld game ecosystems: more prevalent as
games companies look to own gamers’ time
5
26
There are multiple players expanding their handheld presence
130
80
3
Switch 1
(2017)
PSP
(2004)
Steamdeck
(2022)
Microsoft : only major hardware provider
not pursuing a handheld:
• Focusing on device -agnostic model
• Cloud approach allows MSFT content
to be easily available on these devices
Tailwinds:
Mobile has made games more accessible, and gamers want to play when and where they want
Handheld devices allow for better game experiences than mobile (in general)
1
2
Switch 2 (2024 -2025)
PlayStation Portal (2023)
None confirmed
Previous unit sales (m): Next release:
“We are focused on making the Xbox
and [Game Pass] experience great on
devices like the Ally. “ – Phil Spencer
Source: Nintendo, Sony, Valve, Microsoft, Pure Xbox, IGN, Omdia

Top gaming industry conferences / events
2023 events schedule
Event Location Dates Category
Pocket Gamer Connects* Multiple Multiple Gaming
Design, Innovate, Communicate,
Entertain (DICE) Summit* Las Vegas, NV February 21 -23, 2023 Gaming
South by Southwest (SXSW)* Austin, TX March 10 -19, 2023 Gaming, Media, Technology
Game Developers Conference (GDC)* San Francisco, CA March 20 -24, 2023 Gaming
NFT.NYC New York, NY April 12 -14, 2023 Blockchain, Gaming
Augmented World Expo (AWE)* Santa Clara, CA May 31 – June 2, 2023 Gaming, Technology
Electronic Entertainment Expo (E3) Los Angeles, CA June 13 -16, 2023 (Cancelled) Gaming
Gamescom* Cologne, Germany August 23 -27, 2023 Gaming
Tokyo Game Show Tokyo, Japan September 21 -24, 2023 Gaming
Brazil Game Show São Paulo, Brazil October 11 -15, 2023 Gaming, Media
Slush* Helsinki, Finland November 30 – December 1, 2023 Gaming, Technology
* denotes events our team at Konvoy plans to attend
27

Konvoy: overview and team 28

Konvoy: by the numbers
Our top newsletters published in Q3 2023:
1. Influencer -led Publishing
2. AI Non -Player Characters
3. The Future of Handheld Gaming
4. The Future of User Generated Content
5. LatAm Gaming Market
$260m
Assets under
management (AUM) 3 Funds
45 Investments 1 40% Of all funds invested
outside of NA
29
1: Initial investments

Konvoy invests in the platforms and
technologies at the frontier of gaming
Investment Stage
Pre -Seed, Seed,
Series A
Check Size
$1m – $5m
Submit your company idea here
Fund III
$150m
30

T h e Konvoy Team
Josh Chapman
Managing Partners
Jason Chapman Jackson Vaughan
Dani Tran
Senior Associate
Taylor Hurst
Principal
Anthony Schena
Associate
Investment Team Platform Team
Dhinuka Perera
Head of Platform
Carly Martin
Associate
31