Web3 gaming studio Mythical Games has secured $37 million in funding for the first part of a Series C extension round. The funding was led by digital asset manager Scytale Digital, with participation from prominent investors such as ARK Invest, Andreessen Horowitz and Animoca Brands.
The extension follows an initial a16z-led, $150 million Series C round in November, 2021, that valued the company at $1.25 billion. The New York-based firm plans to close the extension round later this year and anticipates raising $20 million to $30 million in additional capital.
Mythical Games is known for its Mythical Chain blockchain and gaming ecosystem, Mythical Marketplace and popular blockchain-based games NFL Rivals and Blankos Block Party. NFL Rivals topped a million downloads last week, two months after its launch.
“Our goal for 2023 is to further optimize our business and achieve profitability,” co-founder and CEO John Linden told CoinDesk 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 as well as the Series C. Other backers this time round included PROOF VC, Stanford Athletics, MoonPay, WestCap, Gaingels, Signum Growth, and Struck Capital.
The company hit rougher waters last year, losing three top executives in early November and a day later announcing job cuts that hit 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 forward, Mythical Games will launch Nitro Nation World Tour later this month. The racing game for mobile and desktop will feature car brands like 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 in development and should roll out in a few months, Linden said.
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