Mythical Games Raises $37 Million in Series C1 Funding

Mythical Games, a video game publisher, has secured $37 million in Series C1 funding with plans to establish a new marketplace and pursue additional revenue-generating initiatives.

With this financing, Mythical will maintain its status as a unicorn with a valuation exceeding $1 billion.

John Linden, co-founder and CEO of Mythical Games, stated that the funds would be used primarily to optimize the company’s operations to attain profitability by the end of the year.

Scytale Digital led the round, which also included ARK Invest, Animoca Brands, MoonPay, PROOF VC, and Stanford Athletics, in addition to existing investors Andreessen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital.

In the coming months, Mythical anticipates raising an additional $20–$30 million, at which point the whole round is expected to close.

The publisher intends to release its new game Nitro National World Tour, in a few months; pre-sales of nonfungible tokens (NFTs) began in February.

In addition, the funds will be used to create an in-game marketplace for its other game NFL Rivals, which recently surpassed one million installations.

“The third game in our portfolio, Nitro Nation World Tour, will be released within the next few months. Linden commented, “We have multiple games in development that we have yet to announce.”

Mythical recently announced the migration of the Mythical Chain from the Ethereum blockchain to the Polkadot ecosystem, citing Ethereum’s sluggish transaction speeds and expensive transaction costs.

“The true reason for this change is that Ethereum is no longer optimal or ideal for our platform, given its expanding requirements. […] We required a blockchain partner that could scale with us,” stated the CEO of Mythical.

Mythical is one of the top blockchains by NFT sales volume, with $29 million in sales over the past 30 days. The new fund continues previous capital raises, including $225 million in two phases in 2021.