Mythical Games, a leading next-generation gaming studio, has announced the successful first close of its Series C1 funding round, securing $37 million. This investment, led by digital asset manager Scytale Digital, marks another milestone in Mythical Games’ journey towards revolutionizing the gaming industry through web3 infrastructure. The company plans to use the funds to achieve profitability within 12 months and expand its offerings to a larger mainstream audience.
Strong Investor Support
The Series C1 funding round saw participation from several prominent investors and existing backers. Scytale Digital, a digital asset manager, took the lead, while ARK Invest, Animoca Brands, PROOF, Stanford Athletics, MoonPay, Andreessen Horowitz, Gaingels, Signum Growth, Struck Capital, and WestCap also contributed to the investment. Discussions are underway with additional investors and strategic partners, indicating the strong interest in Mythical Games’ innovative approach.
Funding Goals and Utilization
The $37 million secured in the Series C1 funding round will primarily be used to drive profitability and fulfill Mythical Games’ mission of introducing innovative web3 infrastructure and game models to mainstream gamers. Over the past year, Mythical has experienced tremendous growth, with more than 2.5 million new users and daily gross sales exceeding $1 million. To cater to a larger audience, the additional funding will be utilized to scale up Mythical’s games and infrastructure.
CEO’s Vision
John Linden, the CEO of Mythical Games, expressed his company’s commitment to delivering exceptional games and building a dynamic marketplace that directly involves players and stakeholders in game economies. He highlighted the success of NFL Rivals, which garnered over a million mobile downloads within a month of its launch, as well as the average daily transactions exceeding $1 million via the Mythical Chain. Linden anticipates reaching over 20 million player accounts across their entire game portfolio by the end of 2023, driven primarily by NFL Rivals and the forthcoming Nitro Nation World Tour.
Continuing Success and Unicorn Valuation
The latest funding round follows Mythical Games’ previous capital raises of $150 million and $75 million, led by Andreessen Horowitz in 2021. With the successful Series C1 round, the company maintains its unicorn valuation, underlining the industry’s confidence in its potential. Mark Cachia, the Founder and CIO of Scytale Digital, emphasized Mythical Games’ exponential growth and its potential to become the dominant gaming platform in the Web3 space. He expressed Scytale Digital’s belief in the power of gaming to drive mass adoption of blockchain technology and expressed pride in leading this investment round.
Mythical Games’ achievement in securing $37 million in the Series C1 funding round signifies another major step in its journey to transform the gaming industry. With strong investor support, a clear vision from the CEO, and a focus on profitability, the company aims to bring innovation and web3 infrastructure to the mainstream gaming audience. The funds will be instrumental in expanding their game portfolio and scaling up their infrastructure to cater to a larger user base. Mythical Games’ continued success and unicorn valuation highlight its potential to revolutionize the gaming industry and shape the future of game economies.
