September 27, 2023

Square Enix backs fintech startup Zebedee in a $35 million round

Square Enix backs fintech startup Zebedee in a $35 million round

Gaming-focused fintech startup Zebedee has raised $35 million in a Series B funding round. It was led by Kingsway Capital, according to a press release.

Funding was also provided by Final Fantasy and other video game studio Square Enix, The Raine Group, existing investors Initial Capital and Lakestar.

Zebedee is focused on the gaming industry and allows game developers to integrate support for the Bitcoin Lightning Network micropayment network.

In early 2021, the startup demonstrated this capability in Valve's Counter-Strike: Global Offensive shooter. Players could receive rewards in bitcoin for participating in online matches.

In September of the same year, Zebedee closed the roundSeries A for $11.5 million. According to the startup, during this time the user base has grown tenfold. With the latest funding, the project raised about $50 million.

“We are pleased to be able to confidently scale our team and grow our business even as macro conditions become increasingly uncertain,” said Zebedee CEO Simon Cowell.

Recall that in April 2022, Square Enix President Yosuke Matsuda announced the company's interest in blockchain and NFT.

In May, the company announced plans to use part of the proceeds from the sale of $ 300 million in intellectual property rights to fund initiatives in the field of blockchain, AI and cloud technologies.

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