Bitkraft Ventures, an early-stage investment firm focused on interactive media and gaming, has expanded its leadership team as part of its continued commitment to web3 gaming. The firm, which raised its third fund in 2024 and now manages $1 billion in assets, announced the promotion of Carlos Pereira to General Partner and Jonathan Huang to Partner. In addition, Matt Halstead, a former director at the Teacher Retirement System of Texas and an early investor in blockchain, has joined the firm as a Venture Partner. These changes are aligned with Bitkraft's strategy to strengthen its presence in the blockchain gaming segment.
Bitkraft Strengthens Web3 Gaming Strategy
Bitkraft x Web3 Gaming
Since launching its dedicated web3 gaming fund in 2021, Bitkraft has consistently focused on investments that merge gaming with blockchain technology. Carlos Pereira has led this initiative since 2022, overseeing investments in companies that operate at the intersection of gaming, digital assets, and blockchain infrastructure.
Notable investments under his leadership include Immutable, a blockchain designed for gaming applications; Eve Frontier, a new project from the developers of EVE Online; Karate Combat, a tokenized mixed martial arts league; and Mira, a company recognized for its AI-driven token verification infrastructure. Despite ongoing challenges in the broader crypto market and slower adoption of blockchain-based games in Western markets, Bitkraft continues to back web3 initiatives.
Pereira noted that while only a quarter of the firm's portfolio companies have launched tokens, they collectively represent nearly half the overall market capitalization in the web3 gaming sector. He emphasized that the time required to build successful games, combined with the complexity of blockchain distribution and infrastructure, explains the slower pace of mass-market adoption. However, he also highlighted signs of progress, pointing to companies within Bitkraft's portfolio that are beginning to reach competitive levels of quality and user engagement.
Bitkraft Strengthens Web3 Gaming Strategy
Expanding Institutional and Regional Expertise
The appointment of Matt Halstead brings additional institutional experience to Bitkraft's web3 strategy. Halstead previously led blockchain investment efforts at Texas Teachers, a major U.S. pension fund managing over $200 billion in assets. His move to Bitkraft validates blockchain gaming's growing appeal to traditional asset managers. Halstead stated that Bitkraft's integrated approach to investing and building within web3 made it an ideal platform for supporting the next wave of digital entertainment ventures.
Jonathan Huang's promotion to Partner further supports Bitkraft's global strategy, particularly in Asia. Huang, who joined the firm in 2023, has experience across both web2 and web3 sectors, including previous roles at SEA Capital and Temasek. At Temasek, he led a significant investment in Roblox. At Bitkraft, Huang focuses on consumer platforms, mobile studios, and digital creator ecosystems, with particular attention to changing user behavior and emerging monetization models across Asia. His new role strengthens the firm's presence in a region that continues to drive innovation in interactive media.
Bitkraft Strengthens Web3 Gaming Strategy
Long-Term Outlook for Web3 Games
While some skepticism remains around the future of web3 gaming, particularly given that many startups in the space have struggled or failed, Bitkraft maintains a long-term perspective. Pereira stated that avoiding underfunded or contrarian categories goes against the fundamental nature of venture capital. He believes that many of the challenges faced by web3 game developers—such as infrastructure limitations and distribution hurdles—have seen improvements in recent years, paving the way for higher quality and more competitive offerings.
Projects such as Boxed, Cambria, and Mythical Games are now demonstrating traction with users and sustainable revenue models. Pereira described the current phase of development as a necessary step toward more widespread success, arguing that progress is measurable even if still early. Bitkraft's continued expansion, both in leadership and in geographic reach, reflects its belief that web3 technologies will play a central role in the future of gaming, digital property, and creator-driven economies.
Bitkraft Strengthens Web3 Gaming Strategy
Looking Ahead
Founded in Berlin by Jens Hilgers, Bitkraft Ventures has evolved from an early-stage equity investor into a broader platform focused on interactive media. With $1 billion in assets under management and a growing global footprint, the firm is positioned to support the next generation of web3 innovators. The addition of institutional investors like Halstead and the promotion of leaders with deep regional and sector experience signal Bitkraft's intent to remain active in shaping the future of blockchain-enabled entertainment.
As blockchain adoption continues to develop and new economic models emerge, Bitkraft's leadership believes the timing is right to support new ventures that align with shifting patterns in digital interaction, ownership, and monetization. The firm's recent moves underscore a strategic commitment to building and investing in web3, with the expectation that the technology will increasingly influence how digital experiences are created and consumed.
