# Vulcan Forged

> Vulcan Forged is a VC fund in Athens backing Gaming, Metaverse and Video Games. See 2 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Athens, Greece
- Total investments: 2
- Last investment: Apr 2022
- Lead investor: 0%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/vulcan-forged/
- Website: https://vulcanforged.com/

Vulcan Forged is an established non-fungible token (NFT) game studio, marketplace, and dApp incubator with 10+ games.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $181k–$1.9M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Gaming | 2 | 100% |
| Metaverse | 1 | 50% |
| Video Games | 1 | 50% |
| Gamification | 1 | 50% |
| Online Games | 1 | 50% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Singapore | 1 | 50% |
| The Netherlands | 1 | 50% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Goons of Balatroon | Goons of Balatroon is a 2D-3D-hybrid metaverse featuring play-to-earn (P2E) card strategy gaming and land ownership built in the Elysium ecosystem. | $1.9M | Seed | Apr 22, 2022 |  |
| AAG Ventures | AAG Ventures is the IT business behind AAG, one of the fastest-growing Play-To-Earn guilds in the industry. | $181K | Seed | Dec 01, 2021 |  |

2 of 2 investments shown.

## Co-investors
- [BullPerks](https://shizune.co/investors/profile/bullperks) — VC Fund, 1 deal together
- [Community Gaming](https://shizune.co/investors/profile/community-gaming-88c8) — VC Fund, 1 deal together
- [Cukies](https://shizune.co/investors/profile/cukies) — VC Fund, 1 deal together
- [Everest Ventures Group](https://shizune.co/investors/profile/everest-ventures-group) — VC Fund, 1 deal together
- [Faculty Group](https://shizune.co/investors/profile/faculty-group) — VC Fund, 1 deal together
- [Fomocraft Ventures](https://shizune.co/investors/profile/fomocraft-ventures) — VC Fund, 1 deal together

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### Similar stage
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### Similar country
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
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- [Wavemaker Ventures](https://shizune.co/investors/profile/wavemaker-partners) — VC Fund

## Featured in investor lists
- [Video Games VC Funds in Singapore](https://shizune.co/investors/video-games-vc-funds-singapore)
- [Video Games Investors in Singapore](https://shizune.co/investors/video-games-investors-singapore)

## FAQ

### What does Vulcan Forged invest in?

Vulcan Forged invests primarily in Gaming, Metaverse and Video Games startups, most often at Seed stage. Most of the 2 investments tracked by Shizune back companies in Singapore. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Vulcan Forged's check size?

Vulcan Forged typically joins rounds of $181k–$1.9M at Seed. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Vulcan Forged participates in.

### When did Vulcan Forged last invest?

The most recent investment recorded for Vulcan Forged closed in Apr 2022. Shizune tracks 2 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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