Web3 gaming company UnCaged Studios has raised $24 million in a Series A equity funding round, with participation from Griffin Gaming Partners, Vgames, Maverick Ventures Israel, Drive by DraftKings and 6th Man Ventures, according to a press release Thursday.
The company is now valued at over $150 million, according to an UnCaged spokesperson.
UnCaged will use the funding to develop its Solana-based esports franchise MonkeyLeague ahead of its public launch at the end of the year. Prior to the current funding round, MonkeyLeague had a $4 million token presale.
The money will also be used for future projects on its native Game OS platform. Game OS supports those entering blockchain gaming through its end-to-end developer platform. From tokenomics to non-fungible token (NFT) integration, it is intended to help gaming companies make the switch from Web2 to Web3.
UnCaged isn’t alone in its efforts to support blockchain game developers. Last week, Web3 gaming network Planetarium Labs raised $32 million in a Series A round led by Animoca Brands. And in March, gaming development platform Joyride raised $14 million in seed funding.
UnCaged was founded in 2021 by Raz and Tal Friedman, brothers who previously worked at Israeli gaming company Playtika.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4VEAPUGMQJBSJAMAAD7UADPDTQ.jpg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RFIVNCFNANGSVCBTM3ZJZDTIQE.jpeg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LWJ3MUD5UFDRVLTLGBDJNKQIVM.jpeg)
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JO37HFK7CBGA7IRKS2OFYVXEK4.jpg)