Web3 gaming studio Mythical Games has raised $37 million in funding as part of a Series C extension round. The round was led by digital asset manager Scytale Digital, with participation from notable investors including ARK Invest, Andreessen Horowitz, and Animoca Brands.
This funding comes after Mythical Games’ successful $150 million Series C round in November 2021, which was led by a16z and valued the company at $1.25 billion. The Seattle-based firm plans to close the extension round later this year and aims to raise an additional $20 million to $30 million in capital.
Mythical Games has gained prominence in the industry due to its Mythical Chain blockchain and gaming ecosystem, as well as its popular blockchain-based games NFL Rivals and Blankos Block Party. NFL Rivals, in particular, achieved over a million downloads just two months after its launch.
Co-founder and CEO John Linden revealed that the company’s goal for 2023 is to optimize its business and achieve profitability. He stated that the funds raised will primarily be used for platform updates, infrastructure development, enhancements, and the creation and launch of new games in the company’s pipeline.
In 2021, Mythical Games secured a total of $200 million in funding, including $75 million raised in June, in addition to the Series C round. Other backers in this latest funding round include PROOF VC, Stanford Athletics, MoonPay, WestCap, Gaingels, Signum Growth, and Struck Capital.
The gaming studio faced some challenges last year when it lost three top executives in early November. Shortly after, the company announced job cuts affecting 10% of its workforce. The departing executives went on to establish Fenix Games, and Mythical Games subsequently filed a lawsuit against them in December for allegedly raising $150 million secretly for their new venture.
Looking ahead, Mythical Games has exciting developments in the pipeline. The company is set to launch Nitro Nation World Tour in late July, a racing game available on both mobile and desktop platforms. The game will feature car brands such as Aston Martin, Jaguar, Pagani, and Lotus, allowing players to race around the world and collect digital vehicles.
Furthermore, Mythical Games is working on feature updates for the Mythical Marketplace, including the introduction of a new in-game marketplace specifically for NFL Rivals. These updates are expected to be rolled out in the coming months, according to Linden.
The funding round and upcoming projects demonstrate the strong growth and potential of Mythical Games in the web3 gaming space. With the support of prominent investors and its innovative gaming ecosystem powered by blockchain technology, the company is well-positioned to continue its success and expand its offerings in the future.