LA-based Mythical Games Raises $37 Million, Valued at Over $1 Billion
Mythical Games, a games publisher and blockchain gaming platform based in Los Angeles, has successfully raised $37 million in the first part of its Series C funding round. This recent funding round has led to the company’s valuation surpassing $1 billion. With the new funds, Mythical Games plans to pursue new revenue initiatives and launch a brand new marketplace.
Investments and Future Funding
The Series C funding round was led by Scytale Digital and saw participation from new investors including Animoca Brands, ARK Invest, MoonPay, Proof VC, and Stanford Athletics, as well as prior investors Andreessen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital. While the round is not yet closed, Mythical Games is expecting to raise an additional $20-$30 million in the months to come.
Focus on Profitability
“Our focus is optimizing our business to achieve profitability by the end of the year, and the funds will primarily be used to support those efforts,” said John Linden, co-founder and CEO of Mythical Games, in an interview with Cointelegraph.
A History of Success
Mythical Games, with veterans from Activision Blizzard on its team, previously raised $16 million during its Series A funding round in 2018. At that time, the company aimed to be blockchain agnostic.
New Game Release and Future Developments
The company is currently working on a new game called Nitro National World Tour, which is expected to launch in the near future. NFT presales for the game began in February, and it will be the third game in Mythical’s portfolio. Additionally, Mythical Games has undisclosed games in development.
Collaboration with NFL
Mythical Games recently collaborated with the NFL to release a game called NFL Rivals. This American football title combines an arcade approach with blockchain elements and player trading. Some of the funds raised in the latest funding round will be used to develop an in-game marketplace for NFL Rivals.
Increasing Popularity
As a hybrid Web3 game, NFL Rivals has already reached nearly 1 million installations within its first six weeks, despite being released during the NFL’s off-season. Mythical Games anticipates another surge in popularity when the new season kicks off.