Mythical Games, a Web3-game developer, raises $37 million

Video-game Web3-company Mythical Games closed its Series C1 investment round at $37 million led by Scytale Digital, according to The Block.

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Among other participants: ARK Invest, Animoca Brands, PROOF, Stanford Athletics and MoonPay, as well as current beneficiaries including Andreessen Horowitz, WestCap, Gaingels, Signum Growth and Struck Capital.

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In 2021 the startup raised $150 million for the launch of the multiplayer game Blankos Block Party with non-fungible tokens and a platform for creating similar apps. At that time the company was valued at $1.25 billion.

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In January 2023 reports emerged that Mythical Games was considering raising additional $50 million.

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The funds will be used to scale its games and broaden its audience.

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“We have a network up and running, a market, we have games, and we think we have a good strategy to bring the company to profitability. Once we do that, the project will move to a big Series D round, which is, without a doubt, a phase of rapid growth,” said John Linden, CEO of Mythical Games.

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The startup also plans to raise an additional $20-30 million by the end of the current investment round.

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In December 2022, the Web3-game developer filed a lawsuit against former top executives, accusing them of breaches of fiduciary duties in raising $150 million for the project.