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Sky Mavis
Sky Mavis was founded in 2018 by Trung Nguyen, Aleksander Leonard Larsen, Kyrylo Dubovyk, and Jeffrey Zirlin. The team originally built a blockchain-based...
Sky Mavis
Sky Mavis was founded in 2018 by Trung Nguyen, Aleksander Leonard Larsen, Kyrylo Dubovyk, and Jeffrey Zirlin. The team originally built a blockchain-based digital pet game in Ho Chi Minh City, later moving operations to Singapore and Hong Kong as the player base grew. Wealth origin stems from the founders' prior work in tech and an early seed round led by internet investors. The firm operates at the intersection of gaming, blockchain infrastructure, and digital ownership. Its primary product, Axie Infinity, is a play-to-earn game where players collect, breed, and battle NFT-based creatures called Axies. Sky Mavis also developed Ronin, a dedicated Ethereum sidechain that handles transactions at a fraction of mainnet costs. As of May 2026, Ronin processes over 2 million daily active addresses per the firm's public dashboard. The team invests in complementary web3 gaming projects through its Sky Mavis Ventures arm, with known positions including the web3 game project Parallel and infrastructure provider LayerZero. Sky Mavis employs roughly 200 people across Singapore, Vietnam, and Hong Kong, per public reports. The firm has raised over $300 million from venture capital firms including Andreessen Horowitz, Paradigm, and Accel (per the firm, 2021). May 2026: Launched the Ronin zkEVM public testnet, a zero-knowledge rollup upgrade designed to improve transaction throughput (per firm's official communications). Structurally, Sky Mavis is a product company, not an investment office — its financial operations are aligned with its game and chain revenue streams. The firm operates an in-house venture arm, Sky Mavis Ventures, which makes direct equity and token investments in early-stage web3 gaming studios. This dual structure — building core infrastructure while also deploying capital — is rare among blockchain-native firms.
General information
Firm type
Blockchain Gaming Studio
Year founded
2018
AUM
Undisclosed
Location
Region
Asia
Country
Singapore
City
Singapore
Corporate office
Singapore, Singapore
Additional offices
Hong Kong, Hong Kong · Ho Chi Minh City, Vietnam
Principals
Trung Nguyen
Chief Executive Officer
Aleksander Leonard Larsen
Chief Operating Officer
Kyrylo Dubovyk
Chief Technology Officer
Jeffrey Zirlin
Co-Founder, Growth Lead
Sector focus
Frequently asked questions
Who runs investment decisions at Sky Mavis?
Sky Mavis operates a venture arm, Sky Mavis Ventures, which makes direct investments in early-stage web3 gaming studios. The firm's co-founders — Trung Nguyen (CEO), Aleksander Leonard Larsen (COO), and Jeffrey Zirlin (Growth Lead) — collectively evaluate venture opportunities alongside a dedicated investment team. Investment decisions are primarily driven by strategic alignment with Sky Mavis's gaming ecosystem and Ronin blockchain.
How does Sky Mavis source proprietary deal flow?
Sky Mavis sources deals primarily through integration with its own platform. Game studios that build on the Ronin blockchain or integrate Axie Infinity assets become natural pipeline for the firm's venture arm. The team also maintains relationships with major crypto venture firms such as Andreessen Horowitz and Paradigm, who co-invest alongside Sky Mavis on occasion. Public sources note the firm screens several hundred projects annually, but specific sourcing numbers are not disclosed.
Is Sky Mavis structured as a family office or a venture firm?
Neither — Sky Mavis is a product company with an internal venture capital arm. The firm generates revenue from its core products (Axie Infinity game fees, Ronin transaction fees) and allocates a portion to strategic investments via Sky Mavis Ventures. It does not manage external LP capital and does not function as a family office or traditional venture firm. The venture arm makes direct equity and token investments, not fund commitments.
What investment stages does Sky Mavis typically target?
Sky Mavis Ventures focuses on early-stage investments, predominantly Seed and Series A rounds for web3 gaming studios and infrastructure projects. The firm has also participated in later-stage token sales and strategic token purchases. Known investments include the web3 game Parallel and cross-chain protocol LayerZero, which spanned seed and Series A stages.
Which sectors does Sky Mavis explicitly avoid?
The firm avoids investing in non-gaming blockchain projects, DeFi protocols, and centralized exchange-related ventures. Its mandate is strictly focused on web3 gaming, play-to-earn mechanics, and gaming infrastructure. Sky Mavis also avoids projects that rely on speculative token economics without demonstrated in-game utility.
Does Sky Mavis maintain separate philanthropic structures?
Sky Mavis does not publicly disclose any separate philanthropic foundation or trust. The firm's community-driven initiatives, such as the Axie Infinity Scholarship Program — which allowed players to lend in-game assets to scholars in emerging markets — are operated through the game itself rather than a separate non-profit entity. Donation records show the firm contributed to COVID-19 relief efforts in Vietnam in 2021.
What is Sky Mavis's known posture on co-investments alongside external GPs?
Sky Mavis Ventures frequently co-invests with major crypto venture firms, including Andreessen Horowitz, Paradigm, and Accel. The firm typically takes minority stakes alongside these lead investors, leveraging its gaming expertise and user base for strategic value. Co-investment terms are not disclosed publicly, but public statements indicate Sky Mavis takes board seats or observer positions in portfolio companies.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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