Immutable, Polygon Labs and King River Capital have teamed up to raise $100 million for a new web3 gaming fund.

The fund, dubbed Inevitable Games Fund (IGF), is "ecosystem-agnostic" and will invest in early-stage, high-growth web3 gaming startups, the three firms said Tuesday. Venture capital firm King River will lead the fund's investment process, while blockchain developers Immutable and Polygon Labs will provide deal sourcing and web3 gaming expertise.

Brendan Ma, head of investments at Immutable, told The Block that the fund has already completed its first close at $30 million from its targeted size of $100 million. He noted that discussions about forming the fund began in mid-last year.

The fund has secured an anchor commitment from Alpha Wave Ventures (backed by Alpha Wave Global …