Blockchain-gaming startup Avocado Guild raises $18 million in Series A

Avocado Guild raises $18 million in Series A.

Blockchain-gaming company Avocado Guild announced it has raised $18 million in a Series A round led by Animoca Brands and QCP Soteria Node.

Participants in the round included Three Arrows Capital, Solana Ventures, Polygon Studios, Hashed, Binance Smart Chain Growth Fund, and other investors.

According to CoinDesk, the financing pegged the startup’s valuation at $200 million.

The company operates a gaming guild that pools players into blockchain games under a Play-to-Earn (P2E) model. Such platforms provide participants with loans of NFT assets so that they can enter games such as Axie Infinity. In return, the company receives a share of players’ income.

Co-founder and CEO Brendan Wong described the guild as ‘a universe of metaverses’ in an interview, saying it lets players participate in multiple virtual worlds.

The startup runs a scholarship program enrolling about 7,000 participants, mainly from the Philippines and Indonesia.

Scholars receive loans of NFT assets that Avocado purchases from other gaming companies. The startup takes 50% of the participants’ in-game revenues. By year-end, the company aims to grow the program to more than 10,000 participants.

According to Wong, Avocado plans to expand operations to a greater number of P2E games by acquiring NFT assets and land in their virtual worlds.

In October, Animoca Brands raised $65 million. In November, the company’s gaming platform The Sandbox closed a funding round of $93 million.

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