Mythical Games Secures $37 Million In Series C Funding For Innovative In-Game Marketplace
Jul 05, 2023
The company expects to raise another $20 million to $30 million when the full round closes in the coming months.
Game publisher Mythical Games has secured $37 million in Series C1 funding, with plans to launch a new marketplace and pursue other revenue-generating initiatives. With this funding, Mythical will continue to hold its unicorn status, with a valuation of over $1 billion.
“Our focus is optimizing our business to get to profitability by year’s end, and the funds will primarily be used in our efforts to achieve that," John Linden, co-founder and CEO of Mythical Games, told Cointelegraph.
The round was led by Scytale Digital with participation from ARK Invest, Animoca Brands, MoonPay, Proof VC and Stanford Athletics, alongside previous investors Andreessen Horowitz, WestCap, Gaingels, Signum Growth and Struck Capital. Mythical expects an additional $20 million–$30 million raise in the coming months, when the full round is expected to close.
The publisher plans to release its new game, Nitro National World Tour, in a few months, with presales of nonfungible tokens (NFTs) ongoing since February. Additionally, the funds will be used to develop an in-game marketplace for its other title NFL Rivals, which recently hit over 1 million downloads.
“Nitro Nation World Tour will be the third game in our portfolio and is slated to be launched within the next few months. We have multiple games still in development that we have yet to announce,” Linden commented.
Mythical recently announced the migration of the Mythical Chain from the Ethereum blockchain to the Polkadot ecosystem, saying Ethereum’s slow transaction speeds and high transaction costs led to the decision. “What this move really comes down to is that Ethereum simply is no longer optimal or ideal, given the growing needs of our platform. We needed a blockchain partner that is prepared to scale with us,” the Mythical CEO explained.
With $29 million in sales over the past 30 days, Mythical is one of the top blockchains by NFT sale volume. The new fund is an extension of prior capital raises, including $225 million secured in two rounds in 2021.