Quick take:
- Mythical Games has secured $37 million in an extended Series C round.
- Digital asset manager Scytale Digital led the round with participation from ARK Invest, Animoca Brands, PROOF and MoonPay.
- Existing investors A16z, Signum Growth, Struck Capital, and WestCap also joined the round.
Mythical Games has announced a $37 million funding round led by digital asset manager Scytale Digital. The fundraising is part of an extended Series C round following the NFL Rivals creator’s $150 million and $75 million fundraisings led by Andreessen Horowitz (A16z).
The latest fundraising still values Mythical Games at unicorn status, the company said in a press release on Tuesday. The round also attracted participation from leading web3 investment company Animoca Brands, Cathie Wood’s ARK Invest, Moonbirds NFT creator PROOF, and web3 payments and integration company MoonPay.
Existing investors A16z, Signum Growth, Struck Capital, and WestCap also joined the round. The company is targeting an additional $20-$30 million for the extended round before the end of the year.
Mythical Games is a web3 gaming studio renowned for creating the first blockchain-based NFL mobile game NFL Rivals, the open-world multiplayer game Blankos Block Party, as well as the soon-to-be-released Web3 free-to-play mobile racing game Nitro Nation World Tour.
Commenting on the fundraising, John Linden, Mythical Games, CEO said: “Mythical continues to be focused on producing the best games and building a dynamic marketplace bringing players and stakeholders directly into the game economies.”
The company plans to use the fresh capital to achieve profitability within 12 months, whilst delivering its mission of bringing innovation to the video gaming industry by providing web3 infrastructure and new gaming models to the mainstream.
Mythical Games developed the Mythical Chain and Mythical Marketplace, which in addition to the games onboarded over 2.5 million new users and generated more than $1 million in gross sales per day in the last year.
“With over a million mobile downloads of NFL Rivals since launch last month and averaging over $1 million in daily transactions via the Mythical Chain, we are focused on getting the company to profitability and are seeing our vision realized and our strategy paying off. Last year – thanks to Blankos Block Party – Mythical was one of the few web3 games to reach over 1 million player accounts,” said Linden.
Mythical now expects to achieve a milestone of more than 20 million player accounts by the end of 2023. Although that figure represents the entire games portfolio, the company’s main growth drivers for the mass onboarding of new users will be “NFL Rivals and the upcoming release of Nitro Nation World Tour,” added Linden.
Mark Cachia, Founder and CIO of Scytale Digital commented: “As evidenced by their incredible growth this last year, Mythical Games is poised to become the dominant gaming platform in Web3. We believe wholeheartedly in gaming as a vehicle to bring about the mass adoption of blockchain tech and are proud to be a partner and lead this round of investment.”
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