- Mythical Games has raised $37 million in funding for the first part of its Series C extension round.
- The funding round was led by Scytale Digital and included investors such as ARK Invest, Andreessen Horowitz, Moonpay, and Animoca Brands.
- The company plans to use the funds for platform updates, infrastructure development, launching new games, and achieving profitability.
On Tuesday, Web3 Gaming studio Mythical Games announced a $37 million funding round led by digital asset manager Scytale Digital. The fundraising is part of the first series of an extended series C funding round following the NFL Rivals creator’s $150 million and $75 million fundraisings led by Andreessen Horowitz (A16z).
According to a press release issued on Tuesday, mythical Games is still valued at unicorn status. Leading web3 investment firm Animoca Brands, Cathie Wood’s ARK Invest, Moonbirds NFT creator PROOF, and web3 payments and integration company MoonPay participated in the round.
All existing investors, A16z, Signum Growth, Struck Capital, and WestCap, also participated in the round. The company intends to raise an additional $20-$30 million in an extension round before the end of the year.
Mythical Games is a web3 gaming studio best known for developing the first blockchain-based NFL mobile game, NFL Rivals, the open-world multiplayer game Blankos Block Party, and the upcoming Web3 free-to-play mobile racing game Nitro Nation World Tour.
Mythical Games CEO John Linden commented on the fundraising: “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 intends to use the new funds to achieve profitability within the next 12 months while also delivering on its mission of bringing innovation to the video gaming industry by bringing web3 infrastructure and new gaming models to the mainstream.
In addition to the games, Mythical Games created the Mythical Chain and Mythical Marketplace, which onboarded over 2.5 million new users in the last year and generated more than $1 million in gross sales per day.
“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,” stated Linden.
Mythical now expects to surpass the 20 million player account mark by the end of 2023. Although that figure represents the entire games portfolio, Linden added that “NFL Rivals and the upcoming release of Nitro Nation World Tour” will be the company’s main growth drivers for the onboarding of mass users.
According to Mark Cachia, Founder and CIO of Scytale Digital, “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 investment round.”
