Sky Mavis, the gaming studio behind the top blockchain game Axie Infinity, announced Tuesday that it had raised $152 million in a Series B funding round.
Axie Infinity Developer Closes Series B Funding Round
Sky Mavis, the game developer behind the NFT-based play-to-earn hit Axie Infinity, has raised $152 million in a Series B funding round. The raise puts the company’s valuation at more than $3 billion.
In a Tuesday statement, blockchain gaming studio Sky Mavis announced that it had raised $152 million to “create economic freedom for gamers.” Notable investors participating in the financing included global crypto exchange giant FTX and venture capital firms Andreessen Horowitz, Paradigm, Accel, Standard crypto, Fabric Ventures, and Samsung Next.
Sky Mavis stated that it would use the funds to expand its reach and to continue scaling without tapping into its AXS token reserves, adding:
“This new funding round will allow us to fuel the play-to-earn revolution, bring in incredible talent from across the globe, scale our infrastructure for expected growth, and build our own distribution platforms to support game developers to create NFT-enabled games.”
The company championed the play-to-earn gaming model with the now most popular blockchain game, Axie Infinity. With approximately $784 million in total generated revenue, the game is currently one of the top-earning protocols in crypto—second only to Ethereum—with more than $2 billion in total revenue. Furthermore, the current fully-diluted market capitalization of Axie Infinity’s native token AXS is roughly $36 billion, making it the fifth-largest game in market cap terms behind legacy companies like Blizzard, Nintendo, Roblox, and EA.
In a separate statement, renowned venture capital firm Andreessen Horowitz, which led the Series B funding round for Sky Mavis, said:
“Thanks to the team’s persistence, hard work, innovation, and an unwavering commitment to their mission, Axie Infinity is now the fastest growing game in the world. As a result, Sky Mavis and Axie Infinity have catapulted play-to-earn into the mainstream, and are completely redefining the gaming category in the process.”
Aside from Axie Infinity, Sky Mavis wants to dedicate a portion of the newly raised funds to launch Ronin, a decentralized exchange for trading in-game tokens. Ronin is an Ethereum sidechain built by Sky Mavis. It serves as a scaling solution for “digital nations.” The chain currently has $4.5 billion in total value locked across 2 million wallets.