A16z, ARK Invest Back $37M Round for Mythical Games

Web3 gaming workplace Mythical Games has secured $37 cardinal successful backing for the archetypal portion of a Series C hold round. The backing was led by integer plus manager Scytale Digital, with information from salient investors specified arsenic ARK Invest, Andreessen Horowitz and Animoca Brands.

The hold follows an archetypal a16z-led, $150 cardinal Series C round successful November, 2021, that valued the institution astatine $1.25 billion. The New York-based steadfast plans to adjacent the hold circular aboriginal this twelvemonth and anticipates raising $20 cardinal to $30 cardinal successful further capital.

Mythical Games is known for its Mythical Chain blockchain and gaming ecosystem, Mythical Marketplace and fashionable blockchain-based games NFL Rivals and Blankos Block Party. NFL Rivals topped a cardinal downloads past week, 2 months aft its launch.

"Our extremity for 2023 is to further optimize our concern and execute profitability," co-founder and CEO John Linden told CoinDesk successful an email. "These funds volition chiefly beryllium utilized to execute that done level updates, infrastructure developments and enhancements, and the improvement and consequent motorboat of further games successful our pipeline.”

Mythical Games raised a full of $200 cardinal successful 2021, including $75 cardinal successful June arsenic good arsenic the Series C. Other backers this clip circular included PROOF VC, Stanford Athletics, MoonPay, WestCap, Gaingels, Signum Growth, and Struck Capital.

The institution deed rougher waters past year, losing three apical executives successful aboriginal November and a time aboriginal announcing occupation cuts that deed 10% of the workforce. The erstwhile executives went connected to signifier Fenix Games, and Mythical Games sued the trio successful December for secretly raising $150 cardinal for their caller firm.

Looking forward, Mythical Games volition motorboat Nitro Nation World Tour aboriginal this month. The racing crippled for mobile and desktop volition diagnostic car brands similar Aston Martin, Jaguar, Pagani and Lotus and allows players to contention astir the satellite to cod integer vehicles.

In addition, diagnostic updates to the Mythical Marketplace, including a caller in-game marketplace for NFL Rivals, are successful improvement and should rotation retired successful a fewer months, Linden said.