UAE-based Fenix Games closes $150 million investment

UAE-based gaming platform, Fenix Games has raised $150 million in a funding round led by Phoenix Group and Cypher Capital.

• Founded in 2022 by Chris Ko, Rudy Koch, Matt Nutt and Antonio Hallack, Fenix Games describes itself as a next-generation games publisher facilitating the transition of the next billion gamers into a blockchain-integrated future.
• Co-founder Chris Ko highlighted that the market for blockchain gaming does not exist as it did for traditional video games such as gaming consoles and mobile gaming. Fenix Games’ strategy going forward is to develop the gaming ecosystem through publishing initiatives.
• According to Chris Ko, the company's CEO: "You can think of us as like a VC fund. We’re actually going to start off with a huge base of capital to invest in those [gaming] studios. We’re also looking to use our balance sheet to acquire a bunch of existing games in the Web2 space to build a portfolio. And that will be the right base for our portfolio."
• The new investment will accelerate Fenix Games' plans to acquire, invest and publish both existing games and blockchain games of the future.