To scale gaming platform Axie Infinity raising $150 million funds in Series B funding round
Axie Infinity, a video game company, raises $150M at $3B valuations in Series B funding round. A16z will lead the funding round forAxie Infinity.
Axie Infinity is a play-to-earn video game enabled by blockchain. The Information on Monday reported that it had raised about $150 million in a Series B funding round which makes its tidal valuation $3 billion valuations.
The Information also stated that the venture giant Andreessen Horowitz would lead the funding round. Axie Infinity uses NFTs (non-fungible tokens) to reward its players. In September, it had revenue of 64,933.71 ether (ETH), worth $220.32 million.
In May, Axie Infinity had raised $7.5 million in a Series A funding round. Series A round’s lead investor was Libertus Capital. Other investors of the same round included the Reddit co-founder Alexis Ohanian, Dallas Mavericks owner Mark Cuban, 500 Startups Vietnam, and the Collaborative Fund.
In 2019, Axie Infinity raised $1.5 million in a seed funding round that was led by mobile game publisher Animoca Brands.
Axie Infinity was launched, in 2018, by blockchain video game company Sky Mavis. Axie Infinity came into the spotlight when yield compression in decentralized finance (Defi) and bitcoin drove hot money into NFTs and gaming.
The game has become a major source of income in countries like Vietnam, Brazil, Venezuela, and the Philippines. The Philippines government intends to tax Axie players due to the game’s popularity.
CBW - External Analyst