Team Portfolio Raise Essays

F4/Transcend/Activity

Transcend Activity

Every public signal F4 has attached to this firm, with sources and cross-entity links.

Types

Time range

Essay

Shanti Bergel published The Read · Issue 02, a long-form essay on AI's impact on the games industry, exploring how the cost of building has collapsed but the value of judgment has not, and how private gaming equity outperforms private software (4.0x vs 2.9x MOIC).

Transcend

Transcend Transcend

transcend.fundOCT 2026

OCT 2026

Transcend | Activity | F4

Milestone

Portfolio company Gardens Interactive raised a $35M Series B led by Lightspeed, with participation from Sequoia Capital, Index Ventures, Accel, Innovation Endeavors, Nintendo and ZeniMax family offices, and founders of FunPlus, Slack and OpenAI's Sora. Transcend led the Seed round in 2021.

Gardens

Gardens Transcend

transcend.fundOCT 2026

OCT 2026

Press

Transcend principal Lirui Ding (ex-Activision Blizzard) discusses what Chinese game studios need most in 2026, reflecting the firm's global investment scope and increasing focus on Asian market opportunities.

Lirui Ding on Chinese game studios

pocketgamer.bizJUL 2026

JUL 2026

3 investments· JUN 2026 – JUL 2026Show all

Investment

Backed Velocity's seed round as it came out of stealth. Velocity builds AI-powered monetization and growth infrastructure for AI-era apps—addressing how AI-native products get distribution and revenue after the product works.

Velocity

Velocity Transcend

transcend.fundJUL 2026

JUL 2026

Investment

Led Kinoa's seed round. Kinoa provides an AI operating system for mobile game live operations—predicting churn, personalizing engagement, and executing in real time to help mobile studios grow revenue without adding headcount.

Kinoa

Kinoa Transcend

transcend.fundJUN 2026

JUN 2026

Investment

Led welevel's oversubscribed $8.5M Series A. welevel is building AI-native AAA game experiences in Munich, betting that the new hardware and AI moment will produce a defining new studio.

welevel

welevel Transcend

transcend.fundJUN 2026

JUN 2026

Essay

Founding partner Shanti Bergel's annual gaming industry outlook positions Transcend explicitly as an AI-native interactive entertainment investor. Details 2025 industry return to growth (~3-5%), AI integration as the defining platform shift, and the widening gap between specialist and generalist investors in early-stage gaming.

State of Play: 2026

transcend.fundJAN 2026

JAN 2026