Still a unicorn, Mythical Games raises $37 million
US blockchain platform and game publisher Mythical Games has announced new funding.
It’s raised $37 million in what it’s calling its Series C1 round. The round is not yet closed with the company hoping to add up to $30 million in investment from VCs and strategic partners with who it’s still negotiating.
This funding takes Mythical’s total funding to around $300 million. The company says it’s also maintained a $1 billion valuation.
It previously raised $150 million in its Series C round at a $1.25 billion valuation which was led by a16z in November 2021, while also announcing a $20 million investment from Scytale Digital in April 2023 when it committed to move its Mythos chain to Polkadot.
Reading between the lines, this latter $20 million amount is included within the newly stated $37 million as Scytale Digital are leading the C1, with new investors including ARK Invest, Animoca Brands, PROOF, Stanford Athletics and MoonPay.
Existing investors a16z, Gaingels, Signum Growth, Struck Capital and WestCap also participated.
Significantly, Mythical Games states it expects to use these funds to achieve profitability over the next 12 months. Thanks mainly to its acquisition of CS:GO skin marketplace DMarket, Mythical is now generating more than $1 million of gross sales and has onboarded 2.5 million new users to give it a total reach of over 20 million registered accounts.
It’s also just launched mobile game NFL Rivals and is in the process of launching much anticipated mobile racer Nitro Nations: World Tour.