Web3 gaming studio Mythical Games has recently garnered an impressive $37 million in funding during the first part of their Series C extension round. Digital asset manager Scytale Digital took the lead, with prominent investors such as ARK Invest, Andreessen Horowitz, and Animoca Brands helping to boost the gaming company’s value. This extension follows the initial $150 million round in November 2021, led by a16z, and brings the company’s valuation to a staggering $1.25 billion.
Based in New York, the firm aims to close this extension round later this year, and anticipates raising an extra $20 million to $30 million in capital. Renowned for their Mythical Chain blockchain, gaming ecosystem, Mythical Marketplace, and popular blockchain games such as NFL Rivals and Blankos Block Party, Mythical Games is a rising star in the industry. NFL Rivals, for instance, has recently reached a milestone of a million downloads, only two months after its release.
In an email to CoinDesk, co-founder and CEO John Linden revealed the company’s objectives for 2023: optimizing their business model, achieving profitability, updating their platform, enhancing infrastructure developments, and launching new games. To that end, the fresh capital infusion will primarily be funnelled towards these ambitious ventures.
Despite a successful 2021, during which they raised a total of $200 million, Mythical Games faced challenges that saw them lose three top executives in November. The following day, they announced a 10% cut in their workforce. These former executives went on to establish Fenix Games, leading Mythical Games to subsequently sue them in December for secretly raising $150 million for their new outfit.
On a more positive note, the gaming giant is set to debut Nitro Nation World Tour later this month—a racing game featuring prominent car brands such as Aston Martin, Jaguar, Pagani, and Lotus. Designed for both mobile and desktop play, the game promises players the excitement of racing around the world to collect digital vehicles.
Furthermore, Linden announced new feature updates for the Mythical Marketplace, including an in-game marketplace developed for NFL Rivals. These enhancements are slated to roll out within the next few months.
While challenges may have marred the company’s journey, Mythical Games’ continued success and innovative spirit demonstrate both the potential and the risks associated with the blockchain gaming space. As the industry evolves and capital continues to flow, it remains to be seen how these developments will impact the overall ecosystem. However, one thing is for certain: Mythical Games is a company to watch closely as it carves its ambitious path in the world of Web3 gaming.
Source: Coindesk
