Web3 game developer Mythical Games raises $37M


Web3 video game company Mythical Games closed a $37 million Series C1 investment round led by Scytale Digital. It is reported by The Block.

Other members include ARK Invest, Animoca Brands, PROOF, Stanford Athletics and MoonPay, as well as current beneficiaries Andreessen Horowitz, WestCap, Gaingels, Signum Growth and Struck Capital.

In 2021, the startup raised $150 million to launch the Blankos Block Party multiplayer game with non-fungible tokens and a platform for creating such applications. Then the company was valued at $1.25 billion.

In January 2023, reports surfaced that Mythical Games was considering raising an additional $50 million.

The company will use the funds received to scale its games and expand audience coverage.

“We have a network, a market, we have games, and we think we have a good strategy to turn the company into a profit. As soon as we do that, the project will move on to the big round of Series D, which is certainly a massive growth stage,” said John Linden, CEO of Mythical Games.

The startup also plans to receive an additional $20-30 million before the end of the current investment series.

Recall that in December 2022, a Web3 game developer filed a lawsuit against former top managers, accusing them of violating fiduciary duties when raising $150 million for the project.

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