Mythical Games Raises $150 Million in Series C Funding Round Led by A16z
Mythical Games, a blockchain-based gaming company, has raised $150 million in its series C funding round. The round was led by A16z, who is aggressively investing in these kinds of crypto initiatives. It also had the participation of other companies like D1 Capital, Redbird Capital, The Raine Group, as well as from well known cryptocurrency exchanges like Binance and FTX.
Mythical Games Gets Unicorn Status in Latest Funding Round
Mythical Games, a blockchain gaming company, raised $150 million in its latest funding round, which was led by VC company A16z. Other backers included D1 Capital, Redbird Capital, and The Raine Group. From the cryptocurrency exchange side, the funding round attracted the attention of Binance and FTX as well. This series C put Mythical games over the level of a unicorn company, reaching a valuation of $1.25 billion.
The rise of Mythical and other similar gaming initiatives signals the interest and validity that the market has given these new technologies. This funding round comes on the heels of Mythical Games’ last funding round, which happened four months ago as it raised $75 million. Mythical Games’ proposal is considered interesting because it has developed an engine that allows other companies to include blockchain aspects in games that are already under heavy development.
The name of this tool is the Mythical Platform, and it also supports the construction of gaming experiences from the ground up. Mythical Games stated that most of the funds received will be used to continue growing its team and scaling it up to bring more developments to use this tool.
A16z on a Blockchain Investing Spree
A16z, the known venture capital company, has been very active in putting funds behind startups involved in the blockchain gaming industry. Just last month, A16z was involved in the latest funding round of Axie Infinity, the play-to-earn blockchain game built on Ethereum. The company led the funding round, which raised $152 million and gave the game a valuation of $3 billion.
In the same way, Yield Guild Games, a guild group that specializes in extracting value from play to earn experiences, got a fund injection by A16z, which led its $4.6 million funding round last August. A16z also led the $100 million series B funding round for Opensea, a leading NFT marketplace on top of the Ethereum blockchain in July.
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Author: Sergio Goschenko