Web3 gaming studio Pixion Games has just announced it has raised $5.5 million in seed funding. The funds are intended to be put toward the development of Fableborne, the studio’s flagship game. The round saw the participation of several notable investors including the Avalanche Foundation’s Blizzard Fund, investment firm Shima Capital, and gaming decentralized autonomous organization ReadyPlayerDAO.
Pixion Games intends to utilize the funds to enhance Fableborne, an action-based role-playing game that allows players to interact with on-chain assets built atop the Avalanche network. Kam Punia, founder and CEO of Pixion Games, says he hopes to grow the game by building out its tech stack while also hiring for roles across the leadership team to enhance the user experience.
“It’s really building what we call these competitive multiplayer games, mobile-first platform experiences, but having competitive tournaments and player-owned economies are at the heart of the core game,” said Punia. “And so that’s what we’re really trying to build as an experience for players.”
The game is inviting players to participate in playtests and is aiming for a public launch within the next calendar year. Web3 gaming is still garnering investor confidence, as evidenced by recent investments in Web3 gaming studio Argus, which secured $10 million in seed funding to build out their native gaming software developer kit. Additionally, decentralized chess game Anichess raised $1.5 million in seed funding led by gaming behemoth Animoca Brands.
Pixion Games is poised to ride this wave of investment enthusiasm, toward a successful launch of Fableborne and securing its position in the burgeoning sector.