February 27, 2024

Ethereum Startup Immutable Launches $500M Fund Focused on Web3 Games

Ethereum Startup Immutable Launches $500M Fund Focused on Web3 Games

Ethereum NFT scaling solution developer Immutable announces $500M Ecosystem Fund.

The fund will focus on financingWeb3 game developers and NFT-focused startups powered by Immutable. The structure plans to cooperate with other investors, including Animoca Brands, Arrington Capital and GameStop.

Immutable co-founder Robbie Ferguson told TechCrunch that the main goal is to make next-gen Web3 games scale and drive adoption.

What is Web3?

In September 2021, Immutable raised $12.5 million as part of the IMX token sale on the CoinList platform. It took him less than one hour.

That same month, the startup closed a $60 million Series B financing round. 

In March 2022, Immutable raised $200 from Temasek, Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings and more. Investors valued the project at $2.5 billion.

In May, the startup, together with the gaming portal Kongregate, launched a $40 million fund to support blockchain games.

Recall that in June, the infrastructure blockchain platform Alchemy announced the creation of a program to support startups and developers in the Web3 sphere in the amount of $25 million.

Previously, Andreessen Horowitz launched a $600 million fund focused on “gaming infrastructure and metaverse technologies.”

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