Newsbrief: The venture capital firm Play Ventures has closed out its first round of funding, raising a total of $40 million to later invest in pre-seed and seed-stage game startups.

According to Tech in Asia, that first $40 million sum is around $10 million more than originally sought and saw contributions came from Rovio, Modern Times Group, Huuuge Games CEO Anton Gauffin, and others.

Play Ventures set up shop in Singapore last year, and aims to invest in younger startups, particularly those working towards free-to-play games on mobile or PC. Since its foundation, Play Ventures has invested in eight game studios, including the likes of Helsinki-based Reworks and Redhill Hames.