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GFAL Secures $3.2M in Seed Funding
Web3 video games startup GFAL, short for “Games for a Living,” has successfully raised $3.2 million in a seed funding round. This funding was led by the Finnish mobile game development company Supercell Ltd and Mitch Lasky, a general partner at the Silicon Valley venture capital firm Benchmark.
Expansion Plans and Team Growth
The newly acquired funding will enable GFAL to expand its core team and accelerate its production plans. The team behind GFAL comprises individuals with experience from renowned companies such as King Entertainment, Activision Blizzard, Electronic Arts, Netflix, and Digital Chocolate.
Token Performance and Valuation
GFAL’s token, $GFAL, has achieved a fully diluted valuation (FDV) of $254,717,017 following a successful token launch in 2023. This places it among the top performers in the token market.
Elemental Raiders: A Growing Success
The funding secured by GFAL will primarily support the launch and development of their mobile game, “Elemental Raiders.” Launched in March 2023, Elemental Raiders has garnered a dedicated player community and has shown consistent improvements in performance and user engagement metrics.
Support from Venture Capitalists
VC Mitch Lasky expressed his admiration for GFAL’s design-focused approach to Web3 gaming. He, along with industry leaders Trip Hawkins and Ilkka Paananen, participated in the financing round to back Elemental Raiders and other upcoming titles.
Web3 Gaming Landscape in 2024
The year 2024 marks a significant growth phase for web3 gaming, with increased VC interest in the sector. In 2023, blockchain gaming-related funding rounds totaled $1.7 billion, with a notable portion directed towards the 270 blockchain games under development on Immutable.
Industry Collaborations and Funding Initiatives
Partnerships like the $100 million gaming fund launched by King River Capital, Immutable, and Polygon Labs highlight the collaborative efforts within the web3 gaming space. Additionally, Elixir Games secured $14 million in seed funding from key players like Square Enix and the Solana Foundation to support the launch of its native token “ELIX” and related programs.
Illuvium also made waves by raising $12 million in a series A funding round, with contributions from prominent investors including King River Capital, Arrington Capital, and Animoca Ventures.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
