Web3 gaming company Mythical Games has successfully raised $37 million in a Series C1 funding round, led by Scytale Digital, a digital asset manager.
The funding round attracted prominent investors such as ARK Invest, Animoca Brands, PROOF, Stanford Athletics, and MoonPay.
Existing investors including Andreessen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital also participated in the round.
According to CEO John Linden, the terms of the funding round resembled a Series C round that took place in 2021. Linden explained that the company decided not to pursue a full Series D round at this stage.
The primary objectives for Mythical Games with this funding are to scale its games and expand its audience reach, while also working towards achieving profitability.
Linden expressed confidence in the company’s strategy, stating, “We have the chain working, the marketplace working, we have games in the market, and we think we have a good strategy to actually get the company to profitability.”
Once profitability is attained, Mythical Games plans to pursue a more substantial Series D round, aimed at fueling massive growth.
The current funding round is expected to be concluded later this year, with an additional $20 million to $30 million. In the previous funding round of 2021, Mythical Games raised $150 million and sought an additional $50 million in January of this year, resulting in a valuation of $1.25 billion.
Although the valuation has shifted due to the acquisition of DMarket, the company still maintains its unicorn status.
Among Mythical Games’ popular titles are NFL Rivals and Blankos Block Party, which made its debut on the Epic Games Store in September 2022.
Over the past year, the company has attracted over 2.5 million new users and achieved daily sales of $1 million.
