Saturday, February 24, 2024

Animoca Brands Invested $10M In Lava Labs Gaming Platform

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Animoca Brands invested $10 million in Lava Labs, the blockchain gaming platform in a Series A funding round as we are reading more today in our latest blockchain news today.

Lava Labs announced raising $10 million in the latest Series A funding round and the valuation has now hit $100 million. The London-based blockchain gaming startup plans to infuse the funds into developing the new multiplayer Web3 game AFAR. Lava Labs release revealed that teh funding was led by Dialectic Swiss Venture Capital firm and it also saw the participation from Defiance, Dragonfly, Animoca Brands, DApper LAbs and Nick Chong, Gabby Dizon, and Santiago R Santos.

lava labs
Lava Labs, Source: LinkedIn

The investors will enable the studio to speed up the team grow and develop the game according to the company and following the announcement, Kaya Tilev who is the CEO of Lava Labs commented:

“We are incredibly motivated to set the tone on blockchain gaming with laser-focus on gameplay fun. The early community support has been overwhelmingly exciting.”

The funds will go towards AFAR which is a multiplayer game that involves 25 players competing against each other in battles of four rounds. The gaming platform said players will be able to start using the land in the game during the second quarter of the year while the development of the main game continues. The Dialectic Founder Ryan Zurrer stated:

“Lava Labs is on a path to becoming the Pixar of Web3. When you see the gameplay in AFAR the immediate reaction is ‘this game and this team are fully next levels”

Animoca Brands invested in the game and the funding round was closed in February right after the company announced the sale of new virtual land which is expected later this year. The company was founded in 2019 and is backed by Trip Hawkings who is the founder of the American video game company Electronic Arts and he serves as the executive coach and advisor at the studio. It recieved prior funding from the Makers Fund which was a venture capital firm focused on early-stage investmetns.

Venture Capitalists Invested,crypto firms, companies,

As recently reported, Animoca Brands is one of the leading blockchain gaming companies and it recently announced that it plans to cut ties with Russian customers as a response to the country’s invasion of Ukraine. Animoca Brands is one of the biggest players in the GameFi industry and is taking part in most of the projects in the field. However now, the blockchain company Animoca said it will cut services for Russian customers which came expected after the Invasion of Ukraine.

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