Mythical Games Raises $37M in Series C Funding Round, Eyes Profitability in 2023

Gaming firm Mythical Games has just raised $37 million in a Series C1 funding round. According to the announcement, the firm plans to raise an additional $20 million to $30 million in the coming months to bring the round to a close.

The Series C1 extension round was led by Scytale Digital. However, previous investors Andreessen Horowitz, WestCap, Struck Capital, Signum Growth, and Gaingels also participated in the round. New investors such as Ark Invest, Moonpay, Animoca Brands, Proof VC, and Stanford Athletics, were also in the mix to contribute to the round.

With the new funding, Mythical Games will continue to maintain its unicorn status as its valuation remains above $1 billion.

Mythical Games to Open New Marketplace

Mythical Games is seeking to use the new funds to bolster its plans to grow and become profitable. To this end, it will focus a major share of the fund on launching a new marketplace. The in-game marketplace will play host to its other title NFL Rivals, which recently hit over 1 million downloads.

Additionally, the firm will explore other programs that will contribute generally to its revenue generation. John Linden, co-founder and CEO of Mythical Games said in a statement:

“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.”

For what it’s worth, Mythical has recently been optimizing on all fronts. The firm earlier announced that it was migrating the Mythical Chain. That is, from the Ethereum blockchain to the Polkadot ecosystem. At the time, it cited the Ethereum network’s high fees and slow transaction speeds as the reasons behind the decision. About the migration, Mythical CEO Linden said partly:

“What this move really comes down to is that Ethereum simply is no longer optimal or ideal, given the growing needs of our platform.”

It might also be worth noting that Mythical remains one of the top blockchains in terms of NFT sales volume.  In the last 30 days alone, it recorded no less than $29 million in sales.