Mythical Games, a next-generation gaming technology studio, today announced a $150 million Series C financing led by Andreessen Horowitz, bringing the firm’s worth to $1.25 billion and representing Mythical’s stunning continued success in bringing play-to-earn concepts and gameplay NFTs to the spotlight in 2021. This comes four months after it raised $75 million in Series B funding.
D1 Capital, RedBird Capital, and The Raine Group, as well as Binance and FTX, are among the investors in the Series C round. 32 Equity, the investment arm of the National Football League (NFL), as well as significant entertainment companies and personalities, backed the startup.
Other notable names on the list include pro-sports team owners Jonathan Kraft and The Kraft Group (New England Patriots and New England Revolution); Michael Gordon of Fenway Sports Group (Boston Red Sox and Liverpool FC); and Michael Jordan and Curtis Polk (Hornet Sports & Entertainment; Charlotte Hornets and NASCAR Cup race team 23XI Racing).
Galaxy Interactive, WestCap, 01 Advisors, Javelin Partners, Struck Capital, Alumni Ventures, and Signum Growth Investments were among the existing investors who contributed to the Series C, bringing Mythical’s total funding to over $270 million, of which $225 million was raised in 2021.
Mythical Plans for Expansion
Mythical Games plans to use the funds to expand its team and efficiently scale-out operations as it funds new games and presents game developers to the Mythical Platform, a comprehensive system that allows game developers to build or integrate playable NFT-based economies into their games, boosting and unlocking new business models by allowing players to become stakeholders in their favourite games.
Mythical welcomed its first developer partners earlier this week and revealed that three new play-to-earn projects for its platform would be supported. These include: a racing game from publisher Abstraction Games; an action strategy game from publisher Abstraction Games
Reaction to the Raised Funds
Reacting to the recent development,” John Linden, co-founder, and CEO of Mythical Games said, “Players spend billions of dollars on digital assets each year, but the value of their collections has been locked away from them. Utilizing NFTs in gaming creates a whole new set of game design principles built around scarcity vs. inflationary free-to-play economies. As gamers and collectors ourselves, we believe players should have tangible assets that they earn and buy. The Mythical Platform leverages playable NFTs and blockchain technology to open the doors to the economy of any game and invite the community in; soon, it will seem crazy we as players ever spent time or money on games without getting real value in return.”
Arianna Simpson, General Partner with Andreessen Horowitz, praised Mythical Games for being among the standout gaming studios. Simpson also praised the firm’s leadership for their vision and added that he looked forward to the new partnership. He said, “Mythical Games played a formative role in the development of play-to-earn concepts, and has clearly established itself as a top player among gaming technology studios, attracting mainstream players with its distinctive design and quality gameplay. Co-founders John, Jamie, and Rudy have a wealth of experience in the gaming world, and have built a world-class team to support their vision. We’re thrilled to partner with them to bring NFT gaming to an even larger stage.”