Uncaged Studios recently closed $24 Million in a Series A funding round to continue building MonkeyLeague a web3 esports game with a $4 million token presale. No valuation was disclosed at this moment.
Some Highlights of the UnCaged Funding:
- According to a Press release Griffin Gaming Partners, Vgames, Maverick Ventures Israel, Drive by DraftKings and 6th man Ventures were the investors for this series.
- “We could’ve taken money from crypto funds, but it’s stronger to take it from the game industry and believers,” Raz Friedman, co-founder of UnCaged “We are a gaming company first that is utilizing and bringing web3 into games, rather than being a web3-first company.”
- The funding will be used for developing MonkeyLeague the play-to-earn esports game which will let players earn MonkeyBucks and also for future game creations.
- “I’ve been watching the success of Axie Infinity and The Sandbox,” Tal co-founder, of Gaming studio said. “The success is already there, but the games that are made are not in the quality of where they should be…as people who have developed economies for games, we want to create communities and games that can be sustainable for years with the excitement and entertainment at the core of it.”
- The second phase for UnCaged will be focusing on how to manage a good game in web3 while creating more games around play-to-earn concepts, Raz CPO of UnCaged said.
- “People in the traditional gaming industry will understand that [web3] is the next phase of games,” Tal said. “It’s not just about using cryptocurrencies in games but making communities a part of the game itself. Web3 gives real power to gamers being partners and sharing revenues, which is a big change.”