Valhalla Ventures Raises $66M Fund I to Back Founders in Deeptech and Gaming

Today we're humbled to share the launch of Valhalla Ventures Fund I, with a total of $66M in commitments to back the most audacious founders in deeptech and gaming.

We are deeply thankful to our investors for placing their confidence in Valhalla and we are indebted to the incredibly talented founders who have chosen to partner with us.

The network we've built represents Valhalla's single greatest competitive moat - the ability to bridge nascent technology companies and the visionary leaders behind them into the largest distribution and financing channels that exist.

With our remaining $40M in dry powder, Valhalla will make another 10-20 investments into seed financings for companies in deeptech and gaming.

The launch of Valhalla's inaugural fund is a dream come true for everyone on our team and I'm deeply honored to work alongside such outstanding partners in Devan Malhotra and Rohan Pujara .

Valhalla's commitment to our investors and portfolio company founders remains the same as when we started the firm three years ago: to work tirelessly to build value in the most innovative and daring companies challenging the status quo, and to support founders, working with integrity and perseverance until we realize the best possible outcome for all stakeholders.

Until Valhalla!

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Full text of press release below:

Valhalla Ventures , an early-stage venture capital firm, today announced its debut $66M flagship fund to invest in audacious innovators challenging the status quo across deeptech and gaming. The firm is committed to supporting entrepreneurs who are unafraid to question consensus views and push the boundaries of science and engineering.

Valhalla Ventures prides itself on being a daring early-stage investor, focusing on technologies and ideas years before they enter the mainstream. Valhalla’s inaugural $66M fund will primarily focus on investments in seed-stage companies across deeptech (areas of interest include materials science, biology, energy generation/storage, and space technology) and gaming (targeting novel and underfunded gaming mediums with an emphasis on social experiences).

“Capital is scarce right now, especially for first time funds like us, so we’re honored to be backed by some of the world’s best founders, family offices, executives, and corporations,” says Devan Malhotra, general partner, who leads Valhalla’s gaming practice. “We want to bring venture back to its original promise, when Georges Doriot and the early investors in Silicon Valley worked hand-in-hand with the world’s boldest and zaniest entrepreneurs to solve the world’s hardest problems. The VC industry has lost its way. Too many funds spray and pray into ‘tier 1’ led deals while spending more time tweeting and fundraising than working with portfolio companies. We want to tack left, building a concentrated portfolio across non-traditional areas – gaming and deeptech – and working boots on the ground with the engineers, creatives, and scientists that are building a brighter future.”

Valhalla’s Fund I has been actively deploying since early 2022 taking 15 core positions to date, and will continue to make new investments until early 2025. On the deeptech side, Terran Biosciences and Avery Digital are each in their own way redefining what it means to be a biotechnology company, while Irradiant Technologies is revolutionizing the field of nanofabrication. In the realm of gaming, Incredible Dream is using board games to build the next billion-dollar IP franchise, while 1v1Me is building a platform for gamers to compete and bet on their favorite streamers.

“At Valhalla Ventures, we back relentless entrepreneurs tackling obvious problems with non-obvious solutions that challenge the bounds of science and engineering,” says Rohan Pujara, general partner, who leads Valhalla’s deeptech investments. “If you look at the biggest problems we face today, they are not solved by incrementally better software, but rather by breakthroughs in physical technology. We’re looking for businesses built around critical technology with captive markets, hinging on best-in-class engineering, execution, and scale-up.”

The Valhalla team is closely tracking the booming ecosystem of deeptech companies forming around SpaceX. “SpaceX has created a new generation of engineers that approach problems in a very unique way, with emphasis on questioning assumptions, simplifying processes, rapid execution, and automation. SpaceX is constantly working on things that have never been done before, and this has made it a breeding ground for technical entrepreneurs that want to solve impossible problems,” says Pujara, who recently led Valhalla’s investments in two companies founded by ex-SpaceX engineers, K2 Space, which is building high-powered satellite platforms for the next generation of space development, and Starpath Robotics, which aims to refuel vehicles like SpaceX’s Starship on the lunar surface.

“Bunch welcomed Valhalla Ventures to our team during our latest round. They quickly became one of our most insightful and helpful partners, making valuable connections to strategic partners and key players in the media and entertainment industry. They carry a strong conviction and demonstrate a deep understanding of our market. Any founder would be lucky to have them in their corner,” says Selcuk Atli, founder of Bunch, which is building a mobile digital world where gamers talk, share, and play together.

Valhalla Ventures was founded in 2020 by Devan Malhotra, Matthew King, and Rohan Pujara. Prior to raising Fund I, Valhalla invested $27M via SPVs in eight companies across deeptech, gaming, and blockchain.