GFAL, short for “Games for a Living,” a web3 video game startup, has successfully raised $3.2 million in a seed funding round. This round was led by Supercell Ltd, a Finnish mobile game development company, and Mitch Lasky, a general partner at Benchmark, a Silicon Valley venture capital firm.
The newly acquired funding will be allocated towards expanding GFAL’s core team and accelerating its production plans. This investment comes on the heels of the $4.4 million raised through token pre-sales in 2023 via GFAL’s token offering.
The GFAL team comprises individuals with extensive experience from companies like King Entertainment, Activision Blizzard, Electronic Arts, Netflix, and Digital Chocolate.
GFAL’s token, $GFAL, currently boasts a fully diluted valuation (FDV) of $254,717,017, following a highly successful token launch in 2023.
Notably, GFAL’s flagship mobile game, “Elemental Raiders,” soft-launched in March 2023, has been witnessing growth in its player community and an uptick in game performance metrics. The funding infusion will further support the development and expansion of “Elemental Raiders” and other titles in GFAL’s pipeline.
Mitch Lasky expressed his confidence in GFAL’s design-focused approach to web3 gaming, emphasizing his excitement to support “Elemental Raiders” and other projects alongside industry leaders like Trip Hawkins and Ilkka Paananen, CEO of Supercell Ltd.
Web3 gaming is experiencing rapid growth in 2024, with increased VC investment pouring into the sector. In 2023 alone, blockchain gaming-related funding rounds reached $1.7 billion, with a significant portion directed towards the development of 270 blockchain games on Immutable.
In a collaborative effort, King River Capital, Immutable, and Polygon Labs recently announced the launch of a $100 million gaming fund to further support the growth of web3 gaming platforms.
Additionally, Elixir Games secured $14 million in a seed funding round from investors including Square Enix, the Solana Foundation, and Shima Capital. This funding will enable Elixir Games to launch its native token, “$ELIX,” and its “Launchpad & Incubation Program,” slated for release later this year.
Similarly, Illuvium raised $12 million in a series A funding round, with contributions from notable investors such as King River Capital, Arrington Capital, and Animoca Ventures, further highlighting the robust investor interest in the web3 gaming space.