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Elliot Grainge's 10K Projects has launched 10k Ventures Powered by PlayWRK, an initiative backing early-stage companies.

“I’ve long wanted to create an investment vehicle at 10K that backs early-stage, direct-to-consumer and tech companies that have natural synergies with music and entertainment,” said Grainge. “The team at PlayWRK has shown a remarkable ability to identify innovative business concepts and leverage their years of expertise across entertainment.”

10K Ventures Powered by PlayWRK plans to invest $100,000 to $1,000,000 in initial capital in each of the companies it supports and has already made a handful of commitments, including in the men’s grooming brand Faculty World, the ready-to-drink cocktail Ohza and the sunglasses pioneer FutureMood. It also recently made a significant investment in Wonder Works Studios, a gaming studio creating immersive experiences in the $39b Roblox metaverse.

PlayWRK operates on a venture-capital-as-a-service (VCaaS) model. Co-Founders Maggie Sellers, Justin Germaine and Alex Sarkissian bring a unique skill set to their portfolio companies. Sellers was previously Head of Artist Development & Brand Strategy at Electric Feel Entertainment. Germaine and Sarkissian have worked in investment banking, real-estate investment and corporate finance/strategy.