Web3 Gaming Startup GFAL Raises $3.2M in Funding Round Led by Supercell and Mitch Lasky

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

Author Profile

Share

Copied

Last updated:

April 29, 2024 23:53 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Web3 video games startup GFAL “Games for a Living” has raised $3.2 million in a seed funding round led by the Finnish mobile game development company Supercell Ltd and Mitch Lasky, a general partner at the Silicon Valley venture capital firm Benchmark.

This latest funding will be used by GFAL to expand its core team and speed up its production plans. The investment round builds on the $4.4 million in capital from token pre-sales that the company said it obtained in 2023 through GFAL’s token offering.

The team behind GFAL team includes team members who held positions at King Entertainment, Activision Blizzard, Electronic Arts, Netflix and Digital Chocolate. 

GFAL’s token, $GFAL, is currently sitting at a fully diluted valuation (FDV) of $254,717,017 after one of the most impressive token launches of 2023, said the firm.

Elemental Raiders Showing Growth 

Funding will go towards the launch of GFAL’s mobile game, “Elemental Raiders ” which soft-launched in March 2023.

Elemental Raiders has a growing community of players and is seeing a steady improvement in the performance and the metrics of the game, said the gaming firm.

 “I’ve been very impressed with the GFAL team’s design-centred approach to Web3 gaming, and I am delighted to join my friends Trip Hawkins and Ilkka Paananen [CEO of Supercell Ltd] in this financing round to support Elemental Raiders and other titles,” said VC Mitch Lasky in a press release. 

Web3 Gaming Growth 2024

In 2024, web3 gaming is growing rapidly with the space attracting more VC investment. In 2023, it is estimated that the blockchain gaming-related rounds reached $1.7 billion which is a significant part of that has flowed to the 270 blockchain games in development on Immutable.

Recently King River Capital, blockchain gaming firm Immutable and Polygon Labs announced they had teamed up to launch a $100 million gaming fund.

Web3 gaming platform Elixir Games raised $14 million in a seed funding round from Square Enix, the Solana Foundation, Shima Capital, and others. The funding will be used by Elixir Games to launch its native token “$ELIX” and its “Launchpad & Incubation Program” which go live later this year.

Illuvium announced it had raised $12 million in a series A funding round with contributions from investors such as Australian venture capital firm King River Capital, Arrington Capital and Animoca Ventures.