By
Andy Watson
April 4th, 2024
Pixelmon appears to be well on its path to recovery given the support it has received from other credible Web3.0 projects that participated in the latest seed round.
Pixelmon is on the path to revive its ambitions for Web 3.0 games after completing a seed investment round. According to the company, it raised $8 million in the just-concluded round, which saw participation from major investors like Animoca Brands, Delphi Ventures, Amber Group, Bing Ventures, Bitscale Capital, Cypher Capital, and many others.
How Pixelmon Fell from Grace
It might be noteworthy that Pixelmon launched in February 2022 in what many thought was a wrong start. During its early days, the Web 3.0 project quickly sold 10,000 non-fungible tokens (NFTs), raking in a massive amount of cryptocurrency (about $70 million at the time) in the process.
Many individuals with vested interests in Pixelmon immediately saw that revenue as a good enough amount of funds to float a triple-A video game. However, the project could not live up to expectations.
Users were more than shocked when it came out with one badly made art that led to a vast majority of them losing trust in the project. There were also rumors of mismanagement of funds. While some called Pixelmon a scam, others started pointing accusing fingers at its relatively young founder, Syber, saying he may have orchestrated a rug pull.
Road to Recovery
Pixelmon began to find its footing some months later when LiquidX, a Singapore-based Web 3.0 venture capital studio assumed control of it. The angel investor acquired the firm in a deal worth about $40 million. This meant that LiquidX had 60% control of Pixelmon, while Syber became a minority shareholder.
The takeover also saw a complete overhaul of the team, as LiquidX’s co-founder Giulio Xiloyannis became CEO of the gaming firm.
Xiloyannis set out a recovery roadmap and by October 2023, the firm launched Kevin the Adventurer, its first hypercasual game. Per the company, that title saw 36,000 active players, garnering over 10,000 hours of gameplay during its first month.
From all indications, Pixelmon appears to be well on its path to recovery. More so, given the support it has received from other credible Web3.0 projects that partook in the latest seed round.
According to the CEO, the firm has been working in silence for the better part of the past months. Although it was actively recruiting industry leaders, the firm did not see a need to make any noise about its acclaimed redemption until there were results to show for it.
Now, however, it appears that his confidence levels are up when he said that “the project has a certain past, but it’s truly turning around on that”.