TL; DR Breakdown
- Mythical Games has secured a USD150 million additional capital injection. The crypto-gaming firm raised the funds from its recent series of financing rounds.
- Andreessen Horowitz (A16z), a Silicon Valley Venture Capital (VC) firm, led a consortium of investors in providing the finances. These new funds have seen Mythical Games attain unicorn status.
Prominent blockchain (BC) gaming firm, Mythical Games, has bagged a fresh USD150 million capital injection. The firm raised the funds from its just-concluded financing round.
VC firm A16z led a consortium of investors in raising the funds. Other players included D1 capital, The Raine Group, and Redbird Capital. Crypto exchange duo of Binance and FTX also joined in the act.
Mythical Games says it’ll use the funds in scaling its operations. Part of the funds will also go towards expanding its team. It’ll also use them to rejig its team of NFT developers.
This fresh injection of capital elevates Mythical Games’ profile. Following the funding, it has now attained a $1.25 billion valuation. In turn, it has earned it the coveted Unicorn Status.
To date, Mythical has attracted more than $270 million in funds. It has raised $225 million of these funds this year. Further, the Series C round follows a Series B one that it concluded in June.
Mythical Games has had a busy year
The BC gaming firm has been busy this year. It allowed users to gain early access to its Blankos Block Party (BBP) game. The multiplayer game emphasizes curating a set of Blankos.
These Blankos are virtual vinyl toys presented as NFTs. The players can use the Mythical Marketplace to trade these assets for cash.
Additionally, Mythical is opening up usage to two of its vital platforms. Other developers will have access not only to its marketplace but also to the Mythical Economic Engine.
In keeping with that development, the firm published its initial batch of partnering developers. Through the partnerships, it’ll fund the development of three P2E projects.
The first of these is an Abstraction Games produced action strategy game. Then there’s a racing game off of the Creative Mobile stable.
Finally, there’ll be a virtual trading card game courtesy of CCG Lab. Mythical will provide the technical and consultancy services to help the projects take off.
A16z’s crypto interests
A16z has been ramping up investments in fledgling ventures within BC gaming. Last month, it was also the lead investor in a similar capital raising initiative for Axie infinity.
Axie Infinity’s funding round netted USD152 million. Again, it shored up its valuation to USD3 billion, cementing its place among premier BC gaming platforms. In August 2020, A16z was also at the center of a USD4.6 million financing for Yield Guild Games.
In July this year, A16z was at it again. This time around, it led a Series B financing round for Opensea. That round raised $100 million for the premier non-fungible tokens marketplace.
A16z is a California-based VC firm established in 2009. It supports budding entrepreneurs in the technology space. The firm invests not only in seed but also in advanced-stage tech companies.
Besides crypto, it serves many sectors, including fintech, consumer, and healthcare. The firm’s guiding principle is respect for the entrepreneur and the enterprise-building process.