Saturday, November 26, 2022

SNACKCLUB nets $9M in seed round from Animoca and other investors

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SNACKCLUB, a Web3 startup that’s the sister company to Brazil’s gaming giant LOUD, has raised $9 million in a seed funding round, according to an announcement shared on Tuesday, 26 April.

Venture firm and gaming publisher Animoca Brands, as well as Ascensive Assets, Jump Crypto, Formless Capital, Mechanism, and OP Crypto among other investors contributed to the round, SNACKCLUB said in its press release.

Building a DAO for gamers

According to the company, the funds will go into a decentralized autonomous organization (DAO), with the main goal being to reimagine ownership within the gaming ecosystem.

The gaming provider seeks to help players benefit more from the massive investment they put into games, especially around possession and control over a game’s currency, equipment, or assets as associated with their character.

SNACKCLUB, building on the experience of LOUD, wants to make gaming beneficial ventures for players, especially when it comes to the motivation to invest time in such activities.

SNACKCLUB will elevate that commitment by investing in the technology, platform, and publishing partners that will bring the potential of blockchain gaming to our community. We have a long way to go, but these investments will change the how and why behind a gamer’s decision to play,” said Jean Ortega, the co-founder of LOUD. Ortega is also the managing partner of SNACKCLUB.

LOUD reportedly has a combined global follower base of 300 million, a community that SNACKCLUB hopes ti tap into when it launches.

The platform however is focused on nurturing its 30-person team. Other immediate plans include establishing its governance and conducting due diligence on what investment prospects to prioritize.

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