Mythical Games, a developer of web-based video games, has raised $37 million in the first round of a Series C expansion deal.Leading investors including ARK Invest, Andreessen Horowitz, and Animoca Brands also contributed to the funding, which was organized by digital asset management Scytale Digital.The extension comes after a16z led a $150 million Series C round in November 2021 that valued the business at $1.25 billion. The Seattle-based company expects to raise $20 million to $30 million in fresh funding and aims to finish the expansion round later this year.
The blockchain-based gaming ecosystem Mythical Chain, Mythical Marketplace, and well-known blockchain titles NFL Rivals and Blankos Block Party are all trademarks of Mythical Games.Two months after its debut, NFL Rivals surpassed a million downloads last week. Co-founder and CEO John Linden wrote in an email, “Our goal for 2023 is to further optimize our business and achieve profitability.”The development and eventual release of additional games in our pipeline as well as platform updates, infrastructure improvements, and development will be the main ways these money will be used to accomplish that.
In 2021, Mythical Games raised $200 million in total, including the Series C round and $75 million in June.This time, PROOF VC, Stanford Athletics, MoonPay, WestCap, Gaingels, Signum Growth, and Struck Capital were also investors.The business had a more difficult year in 2017, losing three top executives in the first week of November and then announcing job cuts that would affect 10% of the workforce.Mythical Games filed a lawsuit against the trio in December for surreptitiously financing $150 million for their new company, Fenix Games, which was founded by the former executives.
Looking ahead, Nitro Nation World Tour will debut from Mythical Games in late July.Players can drive across the world to collect virtual cars in the racing game for mobile and PC, which will include automobile names like Aston Martin, Jaguar, Pagani, and Lotus.In addition, Linden added that the Mythical Marketplace would soon receive feature enhancements, one of which will be the establishment of a new in-game market for NFL Rivals.