Investment in startups focused on cryptocurrency increased this week, with almost $190 million being invested. This is a significant increase compared to the previous week when only $37 million was invested in the industry. Among the funding rounds that took place, CCP Games, a Reykjavik-based startup that specializes in Web3 gaming, raised the highest amount of funds during the same period.
The company managed to close a seed round worth $40 million, which was led by the well-known venture capitalist firm Andreessen Horowitz (a16z). Other investors who participated in the funding round included Makers Fund, BITKRAFT, Kingsway Capital, HASHED, and Nexon, among others.
CCP Games’ CEO, Hilmar Veigar Pétursson, stated that blockchain technology has enabled them to create a new world that is rich in player agency and autonomy, which will allow players to engage in novel ways. This statement was made in the context of the company’s recent financing round, which will be used to expedite the development of gaming in the virtual world.
In addition to CCP Games, another Web3 gaming developer, Aavegotchi, also received new funding this week, amounting to $30 million. Aavegotchi, which is an NFT gaming protocol, initially held a token sale in September 2020, in the form of a Decentralized Autonomous ICO (DAICO). The company claims that this fundraising round is one of the biggest in the gaming industry this year, with no direct involvement from venture capitalists (VCs) or angel investors.
In a statement, Coder Dan, the co-founder, and CEO of Pixelcraft Studios, expressed that the successful completion of the fundraising sale is a significant milestone for the decentralized fundraising arena, and they hope it will serve as an example for future projects seeking responsible fundraising.
The funds raised will be distributed among community participants, with 25% of the amount going to developers and the remaining funds being controlled by the DAO treasury. The funding is expected to be used for ongoing development, marketing, and other protocol initiatives.
Several noteworthy funding rounds occurred this week, including:
- BitKeep, a decentralized multi-chain wallet, securing $30 million from Bitget with a valuation of $300 million
- Social platform OP3N received a Series A investment worth $28 million from Animoca Brands, which increased its valuation to $100 million
- Auros obtained $17 million from VivCourt, with participation from Trovio, BitDigital, Epoch Capital, Primal Capital, and some senior alumni from Optiver
- Radix, a Layer-1 DeFi protocol, also secured $10 million in funding from DwfLabs