Mythical Games secures $37M funding round with A16z and ARK Invest.

The web3 gaming studio, Mythical Games, has successfully secured $37 million in funding for the first part of their Series C extension round. The funding was led by digital asset manager Scytale Digital, with the participation of prominent investors such as ARK Invest, Andreessen Horowitz, and Animoca Brands.

This extension comes after the initial $150 million Series C round in November 2021, led by a16z, that valued the company at $1.25 billion. The New York-based company plans to close the extension round later this year, aiming to raise an additional $20 to $30 million in capital.

Mythical Games is well-known for their Mythical Chain blockchain and gaming ecosystem, Mythical Marketplace, and popular blockchain-based games NFL Rivals and Blankos Block Party. NFL Rivals has already reached over a million downloads, just two months after its launch.

“Our goal for 2023 is to further optimize our business and achieve profitability,” co-founder and CEO John Linden shared with blockchain in an email. “These funds will primarily be used to achieve that through platform updates, infrastructure developments and enhancements, and the development and subsequent launch of additional games in our pipeline.”

Mythical Games raised a total of $200 million in 2021, including $75 million in June and the Series C. Other backers in this extension round include PROOF VC, Stanford Athletics, MoonPay, WestCap, Gaingels, Signum Growth, and Struck Capital.

Mythical Games faced some challenges last year, as three top executives left the company in early November, followed by an announcement of job cuts that affected 10% of the workforce. The former executives went on to form Fenix Games, and Mythical Games sued the trio in December for secretly raising $150 million for their new firm.

Looking ahead, Mythical Games plans to launch Nitro Nation World Tour later this month. This racing game for mobile and desktop features car brands such as Aston Martin, Jaguar, Pagani, and Lotus and allows players to race around the world to collect digital vehicles.

In addition, feature updates to the Mythical Marketplace, including a new in-game marketplace for NFL Rivals, are currently in development and should roll out in a few months, says Linden.

Edited by Sheldon Reback.

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