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This month Cracow-based Internet Investment Fund (IIF)  has announced its investment in the developer of ShootAR, the augmented reality game. The details of the transaction have not been disclosed. ShootAR is a first point shooter game, which allows to play virtual paintball with friends, and enables other possible variations of point and shoot scenarios laid over the actual surrounding landscape, as shown on the image below.

The first point shooter reality games appear to be more violent and realistic than its predecessors. This video shows what future augmented reality first point shooter game can look like, which I found quite unsettling.

The founder of Future Reality Games, the developer of ShootAR is Dariusz Żołna, who has been creating computer games for 20 years. The company is based in Cracow, an emerging innovation hot spot in central and eastern Europe, a home for other innovative companies such as Applicake, software development company with a focus on the Ruby on Rails and Android, as well as Hanbright, the leading Polish game developer for preschool children. Cracow is where another venture capital firm Innovation Nest is based. Innovation Nest  has announced its new Euro 13 million fund in October 2011.

IIF is a fairly old organization, having been founded by Rafał Styczeń in 1999. Over the period of 2004-2008 it made only 4 investments, including one in a Cracow-based IT company Software Mind, which still remains in the current portfolio.

The current fund raised in 2010 and supported by the EU money, has Euro 22 million to invest. Earlier this year IIF invested in the Polish distributor of contextual and search engine ads Kompan.pl.