US-based blockchain game developer Mythical Games raised $150m in a series C round featuring cryptocurrency exchanges Binance and FTX yesterday, bringing its total funding to over $270m.
Venture capital firm Andreessen Horowitz led the round, which included D1 Capital, RedBird Capital, Mantis VC, The Raine Group, Galaxy Interactive, 01 Advisors, WestCap, Javelin Partners, Struck Capital, Alumni Ventures Signum Growth Investments and 32 Equity, the investment arm of the National Football League.
Private investors including Michael Jordan, Ryan Tedder, Curtin Polk, Michael Gordon and Jonathan Kraft also participated.
Founded in 2018, Mythical uses blockchain technology to create playable non-fungible tokens (NFTs) for in-game economies, allowing players to monetise play-to-earn assets. It will use the series C proceeds to grow its team and scale its operations.
The deal comes only five months after the company raised $75m in a series B round led by WestCap that also featured crytpocurrency exchange OKCoin, VaynerFund, Avon Ventures, Javelin Ventures, Galaxy Digital, 01 Advisors and Struck Capital.
OKCoin also took part in a $16m series A round for Mythical in 2018 alongside Eos VC Fund, Javelin Venture Partners, Divergence Digital Currency Fund, Noris Capital and Fenbushi Capital.
Javelin led the company’s $19m series A2 round in late 2019, investing with Galaxy Digital, Avon Ventures, Alumni Ventures, Struck Capital and Hashed.
Mythical Games chief executive John Linden said: “Players spend billions of dollars on digital assets each year, but the value of their collections has been locked away from them. Utilising NFTs in gaming creates a whole new set of game design principles built around scarcity vs. inflationary free-to-play economies.
“As gamers and collectors ourselves, we believe players should have tangible assets that they earn and buy.”
