Mythical Games is strategically utilizing the influx of new funds to fortify and amplify its ambitious expansion endeavors.
Mythical Games, the renowned gaming firm, has recently secured an impressive $37 million in a highly successful Series C1 funding round. Demonstrating their strong growth trajectory, the company is now set to raise an additional $20 million to $30 million in the upcoming months, effectively finalizing the round.
Leading the Series C1 extension round is Scytale Digital, affirming their confidence in Mythical Games’ potential. Notably, esteemed previous investors Andreessen Horowitz, WestCap, Struck Capital, Signum Growth, and Gaingels have enthusiastically participated in this round as well. Furthermore, a lineup of prominent new investors, including Ark Invest, Moonpay, Animoca Brands, Proof VC, and Stanford Athletics, have also joined forces to contribute to the round’s success.
This remarkable injection of funds ensures that Mythical Games will continue to maintain its unicorn status, with a valuation exceeding an impressive $1 billion. The company is poised to leverage this financial backing to further propel its innovative initiatives and solidify its position as a prominent player in the gaming industry.
Mythical Games to Open New Marketplace
Mythical Games is poised for remarkable growth and profitability with its newfound funds. The company is strategically allocating a substantial portion of the capital towards the launch of an innovative marketplace. This groundbreaking in-game marketplace will serve as the ultimate platform for its highly acclaimed title, NFL Rivals, which has already surpassed an impressive milestone of over 1 million downloads.
Furthermore, the firm will actively pursue a range of innovative programs aimed at significantly boosting its overall revenue generation. Emphasizing this commitment, John Linden, esteemed co-founder and CEO of Mythical Games, confidently asserted 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.”
Mythical has made significant strides in optimizing its operations across the board. An important development in this regard is the firm’s recent decision to migrate the Mythical Chain from the Ethereum blockchain to the Polkadot ecosystem. This strategic move was prompted by the Ethereum network’s exorbitant fees and sluggish transaction speeds, which Mythical recognized as hindrances to its growth. In expressing his views on the migration, Mythical CEO Linden stated emphatically:
“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 is important to highlight that Mythical continues to dominate the blockchain industry, particularly in terms of NFT sales volume. In the past 30 days alone, it has achieved an impressive sales record of over $29 million.