London-based startup Lava Labs has raised $10 million to continue development of its debut Web3 game AFAR.
Announcing our $10M round from some of the most prestigious players in the scene!https://t.co/w82RK4q4rW@Dialectic_CH, @DeFianceCapital, @MeritCircle_IO, @dragonfly_cap, @animocabrands, @dapperlabs, @Razer, @Maven11Capital, @makersfundvc @gabusch#playafar #GameFi #NFT #P2E
— Play AFAR (@playafar) March 17, 2022
The Series A round was led by Dialectic. Participants included Merit Circle, Dragonfly, Defiance, Animoca, Razer, Weak Simp Cap, Dapper Labs, Maven11 and a number of angel investors.
According to The Block, the startup’s valuation surpassed $100 million.
Lava Labs was founded in 2019 by serial entrepreneur Kaya Tilev with the backing of Electronic Arts founder Trip Hawkins.
“We are incredibly interested in shaping the tone of blockchain games with a focus on entertaining gameplay. Early community support has been incredibly inspiring. Lava Labs is on its way to becoming the Pixar of Web3,” Tilev said.
The raised funds will go toward expanding the team and accelerating the development of AFAR — a multiplayer game in which 25 players compete against each other in four-minute battles across four rounds. The latter comprise a mix of obstacle courses and shooting.
The startup also plans to sell 10,000 virtual land parcels. From the second quarter, players will be able to use them in a mini-game while the main application is developed.
Earlier in February, the European startup Banger Games raised €10 million to build a blockchain-based gaming hub.