Web3 gaming company, Mythical Games, has successfully raised $37 million in a Series C1 funding round, spearheaded by digital asset manager Scytale Digital.

The funding round attracted participation from various investors, including ARK Invest led by Cathie Wood, Animoca Brands, PROOF, Stanford Athletics, and MoonPay.

Notably, existing investors such as Andreessen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital also joined the round.

The funds raised will primarily be utilized to expand the company’s games portfolio, extend its audience reach, and drive profitability.

Mythical Games CEO, John Linden, expressed confidence in the company’s trajectory, stating that their blockchain infrastructure and marketplace are fully operational, with successful game launches and a clear path to profitability.

Once profitability is achieved, the company plans to seek a more substantial Series D round focused on massive growth. The ongoing funding round is expected to conclude with an additional $20 million to $30 million later this year.

Mythical Games’ Strategic Approach to Funding

Linden revealed that the terms of the raise closely resembled a Series C round conducted in 2021. He explained that the company opted for a Series C1 round instead of a full Series D, indicating their strategic approach to funding. This approach allows Mythical Games to maintain a strong balance sheet while also providing them with the flexibility to raise additional capital as needed.

Mythical Games’ Future Plans

Linden stated that the company is focused on expanding its games portfolio and extending its audience reach. He also mentioned that Mythical Games is exploring new opportunities in the metaverse and NFTs.