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Main » 2023 » June » 28 » Mythical Games Secures First Close of $37 Million Towards Latest Round of Funding
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Mythical Games Secures First Close of $37 Million Towards Latest Round of Funding

NEW YORK & LOS ANGELES - Tuesday, 27. June 2023

The full round will close later this year with an additional $20-30 million in funding to continue developing the Mythical platform’s infrastructure

(BUSINESS WIRE)--Mythical Games, the next-generation gaming studio behind the Mythical Chain, Mythical Marketplace, and popular gaming titles such as NFL Rivals and Blankos Block Party, and the soon-to-be-released Nitro Nation World Tour, has secured $37 million as part of its Series C1. Led by digital asset manager Scytale Digital, with participation from ARK Invest, Animoca Brands, PROOF, Stanford Athletics, MoonPay, as well as participation from existing investors Andreessen Horowitz, Gaingels, Signum Growth, Struck Capital, and WestCap. The full round is expected to close later this year with an additional $20-30 million raise, with a few additional investors and several strategic partners that are in discussion.

The $37 million in this Series C1 will primarily be used to achieve profitability within 12 months and deliver on Mythical’s mission of providing innovation to video games through web3 infrastructure to mainstream gamers through new economy and game models. Through its chain, marketplace technology, and games, Mythical has seen an influx of more than 2.5m new users and north of $1 million in gross sales per day in the last year. The additional funding will ensure that Mythical is able to scale its games and infrastructure to a much larger mainstream audience.

“Mythical continues to be focused on producing the best games and building a dynamic marketplace bringing players and stakeholders directly into the game economies,” said John Linden, Mythical Games, CEO. “With over a million mobile downloads of NFL Rivals since launch last month and averaging over $1 million in daily transactions via the Mythical Chain, we are focused on getting the company to profitability and are seeing our vision realized and our strategy paying off. Last year - thanks to Blankos Block Party - Mythical was one of the few web3 games to reach over 1 million player accounts. By the end of 2023, we anticipate over 20 million player accounts across our entire game portfolio, driven largely by NFL Rivals and the upcoming release of Nitro Nation World Tour. It’s a testament to not only the work we’ve accomplished of late but of the continued interest in and dedication to this new frontier of game economies.”

Today’s announcement is an extension round following Mythical’s prior capital raises of $150 million led by Andreessen Horowitz and $75 million led by Andreessen Horowitz in 2021. With this latest round of funding, Mythical maintains its unicorn valuation.

“As evidenced by their incredible growth this last year, Mythical Games is poised to become the dominant gaming platform in Web3,” said Mark Cachia, Founder and CIO of Scytale Digital. “We believe wholeheartedly in gaming as a vehicle to bring about mass adoption of blockchain tech and are proud to be a partner and lead this round of investment.”

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About Mythical Games

Acknowledged by Forbes’ Disruptive Technology Companies To Watch in 2019 and Fast Company’s World Changing Ideas 2021, Mythical is a next-generation games technology company creating a web3 gaming ecosystem by leveraging blockchain technology and playable NFTs for tools that enable players, creators, artists, brands and game developers to become stakeholders and owners in new “play and own” game economies.

Led by gaming industry veterans, the team specializes in building games around player-owned economies and has helped develop major franchises including Call of Duty, World of Warcraft, Guitar Hero, DJ Hero, Marvel Strike Force and Skylanders.

Mythical Platform protects gamers that may be new to blockchain through a custodial wallet for their digital items, while allowing advanced players the freedom to link their own wallets via bridges between the Mythical Chain and public mainnets. With its “gamers-first” focus, the Mythical Platform ensures players don’t need to dive into the intricacies of blockchain to enjoy ownership of their digital collections and have a great game experience.

About Scytale

Scytale is a digital asset manager with a focus on blockchain solutions. The company was an early adopter/investor in blockchain with Horizon Fund I in 2017. Horizon Fund II closed in early 2022. Scytale largely invests in projects building real world solutions across different Web3 ecosystems. To date, Scytale Horizon II has invested in 15 projects with a diversity of offerings, which include gaming, music, legaltech, security, as well as blockchain and metaverse infrastructure, among others.

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Nate Nesbitt, Mythical Games

Stephen Connolly, Scytale

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