Axie Infinity to Raise $150M in a Series B Round for a $3B Valuation
Popular Pokemon-based, play-to-earn game Axie Infinity is reported to be raising approximately $150 million in a Series B capital round. This would effectively value the gaming platform at $3 billion valuation.
Two unnamed sources “with direct knowledge of the deal” were cited in an article in The Information. Venture capital giant Andreessen Horowitz will take the lead in the latest funding round.
The Ethereum based game, where these cute monsters battle it out to earn non-fungible tokens (NFTs) for the players, was good for earnings of 64,933.71 ether (ETH) or roughly $220 million, in September. A month prior the game brought in a record high of $342 million.
In May of this year, Axie Infinity raised $7.5 million in a Series A funding round, which saw investors such as Reddit co-founder Alexis Ohanian and Dallas Mavericks owner Mark Cuban get a share.
While the game launched in 2018, it has become a huge success over the summer of 2021 and is now providing a good income to people in countries like Venezuela and Vietnam. Nonetheless its popularity in these countries is overshadowed by the Philippines, where the game is shattering all records. Axie Infinity’s boom in the Philippines has even caused the government thinking of taxing Axie players.
On Monday, Axie Infinity’s native token AXS hit an all-time high after it announced plans for a decentralized exchange and $60million to be divided among its early adopters.
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Author: Peter Siu