Mythical, a startup focused on a playable, non-fungible token-based game platform, secured $150M in a new financing round valuing the company at $1.25B. This marks a major milestone for Mythical, which was founded in 2020.
We’ll look at this development and its meaning for the gaming industry.
What is Mythical?
Mythical is a venture capital fund created in 2017 by Silicon Valley investors Peter Thiel, Reid Hoffman, and Max Levchin. The goal of the fund is to invest in innovative startups in a wide range of industries to find companies that can eventually go public or attract buyers.
To achieve their goal, Mythical has raised more than $400 million for their funds. They have invested in over 150 individual businesses and have an impressive portfolio of companies across various sectors like fintech, real estate, health tech, marketplaces, e-commerce and hospitality. Their investments range from early-stage startups to established technology businesses.
Mythical is well known for their deep connections across the technology industry and ability to bring together entrepreneurs and investors at high-profile events such as their International Tech Summit. In addition to investing in promising young companies, they also invest in advocacy initiatives that aim to create a more equitable landscape for entrepreneurs.
Who are the investors?
Mythical raised a total of $128 million in funding across several rounds. The first round of $20 million was led by F-Prime Capital in December 2018 and included contributions from notable venture capital firms such as Atomico and Village Global.
In October 2019, the company secured an additional $75 million in Series B funding with F-Prime Capital leading the round and participation from Spark Capital and General Catalyst. Earlier this year, they closed their Series C fundraising, which totaled $33 million with continued investments from F-Prime Capital, Spark Capital, General Catalyst, and Sapphire Ventures.
Mythical’s investors are renowned for investing in consumer technology startups such as DoorDash, Giphy, Venmo, Rio Health and Tinder. Their successful portfolio of companies will undoubtedly open up new opportunities for Mythical’s growth.
Fundraising Round
Mythical Entertainment recently announced a $150 million Series D funding round, raising $150 million from investors at a valuation of $1.25 billion. This fundraising round was led by NetEase, with Lightspeed Venture Partners, aXiomatic Gaming, and Paysafe also participating.
This round’s proceeds will fuel the Mythical product roadmap and play a key role in launching a new NFT game platform.
How much did Mythical raise?
Mythical, the San Francisco-based creative technology company, has just closed its latest fundraising round. The company raised $84 million in its Series C.
Led by Meritech Capital Partners and Iconiq Capital, the round had an impressive list of investors including Index Ventures, Spark Capital, Cowboy Ventures, First Round Capital and Fuel Capital. David Sacks of Craft Ventures also participated as an angel investor in the round.
This funding puts Mythical total venture capital at $107 million over the last six years since its founding in 2014. Earlier this year Mythical was also honoured with a spot on Fortunes’ 100 Best Medium Workplaces list and has released over seven products during that time.
Before this funding round Mythical had raised two seed rounds: a $4M led by Cowboy Ventures in July 2015 and a $14M led by First Round Capital in October 2017. In March 2019 Mythical announced a Series B for $45M jointly led by Index Ventures and Spark Capital. Now with the close of the Series C financing rounds, Mythical adds another chapter to their growing story, highlighting the company’s ability to scale quickly within the creative technology space while continuing to remain true to their core mission “Creating experiences that move people”.
What was the valuation?
In March 2019, Mythical concluded its Series A round of funding and raised $15 million, led by Felicis Ventures and Lightspeed Venture Partners. The investment was the first venture capital round taken by the company. The funding yielded an estimated post-money valuation of $50 million.
Mythical existing investors — Kind Tree Ventures, Gameco Partners, and First Round Capital — also participated in the round. Along with the funding announcement, Debra Roettger from Felicis Ventures joined Mythical’s board of directors. Roettger is a well-known entrepreneur with a sales and media & entertainment operations background.
The ability to attract significant venture capital investments indicates that investors recognize the potential for strong future growth by Mythical. Other details revealed during the funding cycle include plans for faster expansion into additional markets worldwide to become a global leader in digital marketing technology for businesses of all sizes.
Mythical raises $150M at $1.25B valuation for playable NFT game platform
Mythical recently raised $150M at a $1.25B valuation for its playable NFT game platform.
With the new funding, Mythical plans to invest in new technology and platforms and create a new fund for early-stage blockchain gaming startups.
This article will explore the use of funds and what this new funding round means for the industry.
What is the playable NFT game platform?
Mythical Games is a dual-business model gaming platform with an interactive NFT and game design engine. The platform enables developers, gamers, and artisans to create and trade digital assets within memorable metaverse experiences. The funding will enable the company to accelerate product innovation in its fully playable NFT game platform and further invest in developer support.
The first game “ Blankos Block Party” has been built entirely on the foundation of non-fungible tokens (NFTs). In the game, players can create, collaborate, customise and collect unique items represented by limited edition NFTs — forming the basis of a decentralised virtual economy. Furthermore, the customizable elements in each Blanko can be found inside and outside the game. This allows for a seamless experience between physical, digital and crypto-collectible worlds for players worldwide.
Players collect rare pieces from all over the world — from high streets to special edition drops on exclusive events around the globe — making each collection unique as no two items have been created or traded alike. Players have full control over their creations and can trade them through auction processes or private sales for real money or cryptocurrency if they wish to do so.
Mythical has created this immersive virtual universe powered by blockchain technologies. It empowers gamers with choice autonomy they’ve never had before while creating exciting experiences at scale within collaborative new gaming IPs (intellectual properties).
What will Mythical use the funds for?
Mythical recently raised Series A funding to bring its groundbreaking artificial intelligence technology to market. The fundraising round totaled $30 million, which will further develop its core technology, refine its product offerings, and establish partnerships with key industry players.
This capital will help accelerate the development of Mythical suite of cognitive products, including a customizable AI system that can be tailored to individual businesses’ need for specific insights in an ever-evolving world. It also plans to expand its engineering team and build out its team of dedicated customer support personnel to better serve clients.
In addition, Mythical will use some of the funds to focus on strengthening relationships with existing partners and forging new partnerships with major players in the industry. This investment will ensure that the company remains at the forefront of the rapidly changing AI landscape and has access to all of the necessary resources for continued success.
Furthermore, Mythical plans on investing in marketing efforts by building out their content library and improving brand awareness through traditional methods such as advertising and public relations campaigns, but also through events such as hackathons, conferences, meetups and networking groups – setting itself up as a leader in a space traditionally dominated by larger companies.
Impact
Mythical recent round of funding has made it one of the fastest-growing startups in the gaming industry. The round of funding has raised a total of $150 million with a valuation of $1.25 billion, making Mythical one of the preeminent platforms for making and playing NFT-based games.
Now, let’s look at the impact this funding round could have.
What does this mean for the industry?
The news of Mythical successful round of capital raises important questions and implications for the industry.
Firstly, this infusion of money strengthens and solidifies Mythical’s foothold in the market, allowing them to further develop their products and services. This could mean increased competition with current industry incumbents and the potential to disrupt established norms in favour of new technology-enabled approaches.
Secondly, the capital raise boosts investors confidence, showcasing Mythical ability to raise significant funds from outside parties even during economic uncertainty. This will encourage more venture capitalists to take a chance on startups with innovative ideas, leading to a more vibrant and competitive business climate where people willing to take risks can succeed.
Finally, Mythical success may serve as inspiration for other entrepreneurs who are hoping to pursue their ambitious dreams. Through hard work, dedication and hustle, founders can create real value for themselves and society without going through traditional channels like venture capital or angel investing.
As we consider all that the successful funding round means for Mythical and the industry at large, there is one thing that is clear: this news shows us that anything is possible if you believe in yourself and your idea enough to make it happen.
What are the implications for the future?
The financial success of the Mythical fundraising effort has the potential to be transformative for both the company and the industry as a whole. Mythical could become a leader within its field by scaling up operations and expanding customer service. Mythical could challenge existing industry giants as it grows and bring much-needed competition and innovation to the marketplace.
Moreover, Mythical success story has opened up new possibilities for other companies seeking similar expansion opportunities. Knowing that a funding goal is achievable can be invaluable in confidence and motivation for many entrepreneurs in the early stages of founding and launching a start-up.
Finally —and perhaps most importantly— large sums such as this can help fund research that has far-reaching societal implications. By investing in important initiatives such as renewable energy or health-care startups, bigger investors can help create economic value for society outside of their corporate interests.
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