Gaming
Bitkraft taps Riot Games, Temasek alums to lead Asia gaming expansion
April 19, 2023
Asia is the world's largest gaming market, but the region's gaming startups have historically attracted a relatively small share of venture capital investment. Denver-based Bitkraft wants to be part of an effort to change that, and it's bringing in two big new hires to lead their expansion into Asia.
Jin Oh, the former president of worldwide publishing at Riot Games, and Jonathan Huang, a former associate director at Temasek, are joining Bitkraft as partner and principal, respectively, to lead the firm's Asian expansion. Oh will be based in Seoul, and Huang will work out of Singapore.
"As the gaming giants of Asia continue to grow, they will increasingly face the innovator's dilemma and therefore potential disruption,” Huang said. "We want to be present here in Asia and help drive that evolution."
Asia makes up nearly half of the global gaming market, according to gaming marketing analytics firm NewZoo. But the region has attracted less than a quarter of global VC capital in recent years, PitchBook data shows.
Corporations like Tencent and Sony, the creator of PlayStation, have launched initiatives to invest more heavily in game studios and startups in Asia. Sony's China Hero Project has backed developers and studios in the region, while Tencent has invested in game developers big and small like Riot and Kuro.
Founded in 2016, Bitkraft has more than $600 million in assets under management. The firm has invested in Epic Games, Discord, FanAI and RedPillVR. Jens Hilgers, one of Bitkraft’s general founding partners, wants to increase the firm's exposure to Asia, which is currently one of its largest markets outside of the western world.
Because of vast regional differences in Asia, it would be a mistake to think of the territory as one umbrella, Hilgers said. But the market's complexity also creates an opportunity for local investors.
"What we're looking for are teams that play to their markets, their cultures, roots and specific tastes," Hilgers said.
And to find the next big gaming startups in Asia, Hilgers, Oh, and Huang believe an in-person presence is key.
"To win in Asia, VCs need to have a physical presence in strategic markets," Oh said.
Featured image of Seoul, where one of Bitkraft's new hires will reside as the firm looks to expand its presence in Asia, by Big Mouth Photography/Shutterstock
Jin Oh, the former president of worldwide publishing at Riot Games, and Jonathan Huang, a former associate director at Temasek, are joining Bitkraft as partner and principal, respectively, to lead the firm's Asian expansion. Oh will be based in Seoul, and Huang will work out of Singapore.
"As the gaming giants of Asia continue to grow, they will increasingly face the innovator's dilemma and therefore potential disruption,” Huang said. "We want to be present here in Asia and help drive that evolution."
Asia makes up nearly half of the global gaming market, according to gaming marketing analytics firm NewZoo. But the region has attracted less than a quarter of global VC capital in recent years, PitchBook data shows.
Corporations like Tencent and Sony, the creator of PlayStation, have launched initiatives to invest more heavily in game studios and startups in Asia. Sony's China Hero Project has backed developers and studios in the region, while Tencent has invested in game developers big and small like Riot and Kuro.
Founded in 2016, Bitkraft has more than $600 million in assets under management. The firm has invested in Epic Games, Discord, FanAI and RedPillVR. Jens Hilgers, one of Bitkraft’s general founding partners, wants to increase the firm's exposure to Asia, which is currently one of its largest markets outside of the western world.
Because of vast regional differences in Asia, it would be a mistake to think of the territory as one umbrella, Hilgers said. But the market's complexity also creates an opportunity for local investors.
"What we're looking for are teams that play to their markets, their cultures, roots and specific tastes," Hilgers said.
And to find the next big gaming startups in Asia, Hilgers, Oh, and Huang believe an in-person presence is key.
"To win in Asia, VCs need to have a physical presence in strategic markets," Oh said.
Featured image of Seoul, where one of Bitkraft's new hires will reside as the firm looks to expand its presence in Asia, by Big Mouth Photography/Shutterstock
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