Xterio and FunPlus Partnership Raises $40M

Makers Fund, FTX Ventures, and XPLA all led the round. Xterio plans to unveil its blockchain partner in the coming weeks.
Xterio and FunPlus Partnership Raises $40M
Xterio and FunPlus Partnership Raises $40M

In a funding round led by game developer and Xterio partner FunPlus, FTX Ventures, and blockchain gaming platform XPLA, Xterio raised $40 million. The money will be used to make games and build up the platform.

The whitepaper says that Xterio is a platform for play-to-earn games and a GameFi-as-a-service solution for developers in the partner network. FunPlus, a company that makes popular mobile strategy games that are played all over the world, gives Xterio its technology stack. FunPlus’s only partner for minting, deploying, and managing all non-fungible tokens (NFTs) for games that are already out and those that are yet to come is Xterio.

“There isn’t a mass-market, fun, high-quality, high-fidelity game that uses Web3 and digital ownership in a meaningful way right now,” Jeremy Horn, co-founder, and chief operating officer of Xterio, told CoinDesk in an interview. “If you look at our management team, you’ll see that we know how to make hits. We’ve worked on games that have made billions of dollars. We know how to make games, and we’ll put fun at the center of everything we put out.”

Horn used to be the vice president of strategy for Jam City, a company that made mobile games. Darion Lowenstein is in charge of marketing for Xterio. He has worked in the game industry for a long time and has produced games for companies like Electronic Arts and Activision Blizzard. CEO Michael Tong is also FunPlus’s chief security officer (CSO), and Yitao Guan is both Xterio and FunPlus’s chief technology officer (CTO).

Hashkey, Foresight Ventures, Headline, Matrix Partners, and Animoca Brands were also part of the round of funding.

The platform is run by the non-profit Xterio Foundation, which is based in Switzerland. It gives users access to a marketplace, a community hub, and a custodial crypto wallet. Horn said that Xterio makes it easier for Web2 game developers to switch to Web3 by giving them the tools they need to do things like minting non-fungible tokens (NFTs), trading in-game, and making sure they follow all the rules.

In the next few weeks, Xterio will talk about its blockchain partner. This fall is when the first games are likely to be announced.