Game publisher Mythical Games has secured $37 million in Series C1 funding, with plans to launch a new marketplace and pursue other revenue-generating initiatives. With this funding, Mythical will continue to hold the unicorn status with a valuation of over $1 billion.
“Our focus is optimizing our business to get to profitability by year’s end, and the funds will primarily be used in our efforts to achieve that,” told John Linden, co-founder and CEO of Mythical Games speaking to Cointelegraph.
The round was led by Scytale Digital with ARK Invest, Animoca Brands, MoonPay, PROOF VC, and Stanford Athletics, alongside previous investors Andresseen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital. Mythical expects an additional $20-$30 million raise in the coming months, when the full round is expected to close.
The publisher plans to release in a few months its new game Nitro National World Tour, for which pre-sales of nonfungible tokens (NFTs) have been ongoing since February. Additionally, the funds will be used to develop an in-game marketplace for its other title NFL Rivals, which recently hit over one million downloads.
“Nitro Nation World Tour will be the third game in our portfolio and is slated to be launched within the next few months. We have multiple games still in development that we have yet to announce,” commented Linden.
Mythical recently announced the migration of the Mythical Chain from the Ethereum blockchain to the Polkadot ecosystem, saying Ethereum’s slow transaction speeds and high transaction costs led to the decision. “What this move really comes down to is that Ethereum simply is no longer optimal or ideal, given the growing needs of our platform. […] We needed a blockchain partner that is prepared to scale with us,” explained Mythical CEO.
With $29 million in sales in the past 30 days, Mythical is one of the top blockchains by NFT sales volume. The new fund is an extension of prior capital raises, including $225 million secured in two rounds in 2021.