Mythical Games has received $150 million in Series C funding.
Mythical Games, a blockchain-based gaming company, has raised $150 million in series C funding. A16z led the round, which is aggressively making investments in these types of crypto initiatives. Other companies such as D1 Capital, Redbird Capital, The Raine Group, and well-known cryptocurrency exchanges such as Binance and FTX also participated.
Mythical Games, a blockchain gaming company, raised $150 million in its most recent funding round, which was led by VC firm A16z. Other investors included D1 Capital, Redbird Capital, and The Raine Group. The funding round drew the attention of Binance and FTX, two cryptocurrency exchanges. This series C elevated Mythical Games to the status of unicorn company, with a valuation of $1.25 billion.
The rise of Mythical and other similar gaming initiatives demonstrates the market’s interest in and acceptance of these new technologies. This funding round follows Mythical Games’ previous funding round, which raised $75 million four months ago. Mythical Games’ proposal is appealing because it has created an engine that allows other companies to incorporate blockchain elements into games that are already in the works.
The Mythical Platform is the name of this tool, and it also allows for the creation of gaming experiences from the ground up. Mythical Games stated that the majority 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, a well-known venture capital firm, has been very active in investing in startup companies involved in the blockchain gaming industry. A16z was recently involved in the latest funding round of Axie Infinity, the Ethereum-based play-to-earn blockchain game. The firm led the funding round, which raised $152 million and valued the game at $3 billion.
Similarly, A16z, which led its $4.6 million funding round last August, invested in Yield Guild Games, a guild group that specializes in extracting value from play to earn experiences. In July, A16z led a $100 million series B funding round for Opensea, a leading NFT marketplace built on the Ethereum blockchain.