Quick take:
- Foonie Magus has completed a $10 million funding round led by Hashed.
- The company said it will use the funds to accelerate the development of its new blockchain game Apeiron.
- DeFiance Capital, Morningstar Ventures, Spartan Group, and De-Fi Capital also participated in the round.
Singapore-based play-to-earn gaming startup Foonie Magus has completed a $10 million funding round led by leading Asian blockchain fund management firm Hashed. The company said it will use the funds to build its new blockchain game Apeiron.
The seed funding round also attracted the participation of DeFiance Capital, Morningstar Ventures, Spartan Group, and De-Fi Capital. The latest funding round pushed Foonie Magus’ total fundraisings to date to a total of $17.5 million.
The company had previously raised $3 million in the pre-seed round and $4.5 million from non-fungible token (NFT) sales.
The company is also looking to raise an additional $10.7 million later this year, as it prepares for its highly anticipated global launch in the fourth quarter of 2022.
The Apeiron game will include among other features, “a card-based action-adventure combat system and a god game simulation gameplay,” which the company says were inspired by games like “Populous” and “Black & White”.
The game utilizes a tri-token mechanism, with Apeiros acting as its governance token and Anima as its play-to-earn token for individuals, while Ringularity is its play-to-earn token for groups.
It is one of the few god games employing a play-to-earn and NFTs in their rewards ecosystem.
According to Apeiron’s descriptive guide, “in the god mode, players will play as a godling – a newborn god – and use its powers to help or smite the Doods, which are little creatures populating the Apeiron gaming universe.”
Foonie Magus is creating what it calls a Godiverse, where Apeiron will be based as part of its evolving gaming ecosystem. The company plans to launch an in-game NFT marketplace during the current quarter, which will also debut the presale of the Star NFT.
Foonie Magus is pouncing on the expansive growth of P2E gaming in south-east Asia, which was triggered by the adoption of Axie Infinity and other Guild-based games that have emerged since then.
Its total Asperion token issue is limited to 1,000,000, with yield and liquidity allocated 30% of the outlay while 21% have been committed to the investment round, helping the startup to raise capital.
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