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UnCaged Studios said that they will use these funds for the further development of the popular Solana-based game MonkeyLeague as well as release new games in future.
On Thursday, July 14, UnCaged Studios announced that they have secured $24 million in Series A funding. This is a major achievement considering the fact that VCs are hesitant to invest in this crypto winter.
Israel-based UnCaged Studios is the game developer behind the popular Solana-based game MonkeyLeague. Griffin Gaming Partners led the recent funding round in UnCaged Studios along with other players like Drive by DraftKings, Maverick Ventures Israel, and 6th Man Ventures.
As part of the deal, Griffin Gaming Partners managing director Nick Tuosto will join UnCaged’s board of directors. Tal Friedman, co-founded UnCaged last year in 2021 along with his brother Raz. The company has already been on a solid footing just within nine months of its existence. Commenting on the recent fundraising, UnCaged Studios noted:
“Having completed such a high value round with such backers in the current market condition is at the least a testament of our vision, this team of ninjas, our dedication, and our ability to execute. This round not only cements UnCaged, and MonkeyLeague, as the premier web3 game studio and game, but it gives us the resources to complete our mission of redefining gaming with GameFi 2.0 and beyond”.
UnCaged Studios’ Funding Round
For its Series A, the game developer UnCaged Studios started raising funds in April and completed its last month. Last year in 2021, the company raised $4.4 million through the token sale of MonkeyLeague’s MBS token.
MonkeyLeague is a very popular play-to-earn soccer game hosted on the Solana blockchain network. Friedman said that the game currently has 330,000 followers on social media and more than 4,000 non-fungible token (NFT) holders.
He added that the fresh capital shall help UnCaged Studios to continue with the development of MonkeyLeague. Besides, UnCaged will also use these funds to release more games in the future.
UnCaged Studios has its own gaming technology platform dubbed Game OS. The platform helps game developers to integrate several Web 3.0 aspects to the game such as token custody and NFTs. Friedman further added that UnCaged Studios will extend help to all web 2 companies that are looking to make a jump into Web 3.0.
UnCaged Studios noted that the fresh funding will also help in expanding its team. There are currently 38 people working for UnCaged Studios.