Mythical Games, a video game company that uses blockchain technology and playable NFTs, has raised $37 million in the first part of its latest round of funding.
The Series C1 financing round was led by digital asset manager Scytale Digital, with participation from ARK Invest, Animoca Brands, Proof, Stanford Athletics and MoonPay, as well as existing investors Andreessen Horowitz, Gaingels, Signum Growth, Struck Capital and WestCap.
The financing is an extension round following Mythical’s prior capital raises of $150 million led by Andreessen Horowitz and $75 million led by Andreessen Horowitz in 2021.
Los Angeles-based Mythical Games said it expects the full round to close later this year with an additional $20 million to $30 million in funding after discussions with a few additional investors and several strategic partners.
Mythical Games is the gaming studio behind the Mythical Chain, Mythical Marketplace and gaming titles such as “NFL Rivals,” “Blankos Block Party” and the soon-to-be-released “Nitro Nation World Tour.”
The company said it plans to primarily use the $37 million financing to achieve profitability within 12 months and scale its games and infrastructure to a much mainstream audience. Mythical said it has gained more than 2.5 million new users and $1 million in gross sales per day in the last year.
“Mythical continues to be focused on producing the best games and building a dynamic marketplace bringing players and stakeholders directly into the game economies,” Mythical Games CEO John Linden said in a statement. “With over a million mobile downloads of 'NFL Rivals' since launch last month and averaging over $1 million in daily transactions via the Mythical Chain, we are focused on getting the company to profitability and are seeing our vision realized and our strategy paying off.”
Linden said he expects the company will have more than 20 million player accounts across its game portfolio by the end of this year, driven largely by “NFL Rivals” and “Nitro Nation World Tour.”
“It’s a testament to not only the work we’ve accomplished of late but of the continued interest in and dedication to this new frontier of game economies,” Linden said.
