UnCaged Studios, a web3-focused game studio, has raised $24 million in a Series A funding round to continue growing the crypto gaming industry.
The attraction includes investors from Griffin Gaming Partners, Vgames, Maverick Ventures Israel, Drive by DraftKings and 6th Man Ventures. Series A followed a $4 million token presale for Solana-focused game MonkeyLeague. The score was not disclosed.
“We could take money from crypto funds, but it’s better to take it from the gaming industry and believers,” Raz Friedman, co-founder of UnCaged, told TechCrunch. “We are primarily a gaming company that uses and implements web3 into games, not a web3 focused company.”
The game studio was founded by brothers Raz and Tal Friedman. Both of them previously worked for the public gaming company Playtika, but considered the current “play to earn” ecosystem unsustainable.
“I watched the success of Axie Infinity and The Sandbox,” said Tal. “Success is already there, but the games being created are not of the quality they should be… as the people who developed the economy for games, we want to create communities and games that can be sustainable for years with excitement and fun at the heart of it.” .
The capital will be used to continue development of the money-making soccer game MonkeyLeague, as well as to build future games and web gaming infrastructure.
“For us, we believe that every big company should start with one big success,” Raz said. “Right now we are focusing on building an amazing game based on MonkeyLeague that is profitable for the company so that we have the resources to grow our technology and content base.”
According to Raz, the second phase of UnCaged will focus on how to manage a good web3 game by creating more games based on “play to earn” concepts.
“We’re already making money, but [the funding is] a way to bring in high production content… this entertainment is very expensive for the team and the talent,” Raz said.
Overall, funding for the web3 gaming industry has been don’t worry about cryptocurrency volatility as capital continues to flow into space.
Last month, Immutable, an Australian web 3 game company, launched development and venture investment fund for $500 millionRobbie Ferguson, president and co-founder of Immutable, told TechCrunch. Most recently, cryptocurrency and entertainment gaming company Cauldron raised $6.6 million last week to create “Pixar of web3”
“People in the traditional gaming industry will understand that [web3] is the next phase of the games,” Tal said. “It is not only about using cryptocurrencies in games, but also about making communities part of the game itself. Web3 gives gamers a real opportunity to be partners and share revenue, which is a big change.”
Credit: techcrunch.com /