Valhalla Ventures raises $66 million in Fund I

Valhalla’s inaugural $66M fund will primarily focus on investments in seed-stage companies across deeptech and gaming.

Valhalla Ventures, the Los Angeles-based seed-stage venture capital firm, has raised $66 million in its debut fund. The fund will be used to invest in deeptech and gaming.

Valhalla’s Fund I has been actively deploying since early 2022 and has already invested in 15 startups since last year. The company 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.”

According to Venture Capital Journal, Valhalla Ventures started fundraising in February 2022 and raised about $61 million from 144 investors, for an average of $424.000 per investor. Co-Founder Devan Malhotra said, “The debut fund will focus on seed-stage companies in deeptech, such as materials science, biology, energy generation/storage, and space technology, as well as novel and underfunded gaming firms with an emphasis on social experiences,”  in an interview with GamesBeat.

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

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