Investors are still interested in the Web3 gaming sector. Jungle, a Brazilian startup, announced on March 13 that it had secured $6 million in seed funding. The seed round for the Web3 mobile shooter game was co-led by two venture capital firms, Bitkraft Ventures, and Framework Ventures.
Jungle Raises $6 million for a Mobile NFT Shooter
Other companies participating in the seed round include Delphi Digital, Monoceros, Karatage, Bodhi Ventures, Stateless Ventures, Fourth Revolution Capital, 32-Bit Ventures, and Norte. Several angel investors also participated in the round. Kieran Warwick, Chris Gonsalves, Adrian Pang, and Ray Jang are examples of angel investors.
The funds raised will be used to grow the development team and improve the game. In addition, the seed round was announced in a tweet from the official Twitter account of Joao Beraldo, co-founder and CEO of the company.
About the Seed Round
Jungle, a web3 gaming company founded by Joao Beraldo, Giulio Ferraro, and Lucas Kertzman, adopts a novel strategy by purchasing underutilized IPs from well-known game developers. This approach enables the game publisher to prioritize speed, scalability, and financial efficiency. In short, the startup will breathe new life into the sector by adapting the intellectual property it receives to web3 mobile games instead of creating its own characters or stories.
The name of the company’s first game has yet to be announced. However, according to a statement, items in the game will be sold as NFTs. Moreover, the game will have an open market economy by default.
“Our strategy is to identify mobile games, either already live or in the process of being launched, which have the potential to be successfully converted to Web3-first titles and become dominant titles within their genre in the blockchain gaming space. We’re looking for the blue spots in a soon-to-be red ocean. We want to avoid the current clusters of competition and forward position ourselves in the genres where we can win.”
Joao Beraldo
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