Japan's Akatsuki announced that it has raised a $20 million fund for investing in web3 projects, according to The Block.
In a press release, the Japanese entertainment and gaming firm said that the fund titled "Emoote" will focus on backing startups working on projects in GameFi, non-fungible tokens (NFTs) and the metaverse.
According to The Block, Akatsuki has been investing in crypto-adjacent projects. The company has funded more than 20 early-stage startups, including rapidly scaling move-to-earn startup STEPN.
Tokyo-listed Akatsuki's focus for the new $20 million investment fund is 50% in Asia and 40% in the United States while channelling the remainder of funds to other regions.
The firm added that the fund would also focus its efforts on collaborating with Japanese entertainment and media companies, The Block reported.
Akatsuki was first incorporated in 2010 and it obtained a global presence for co-developing the Dragon Ball Z: Dokkan Battle with Bandai Namco Entertainment,...
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