Game Developer Xterio Raises $40 Million to Create Cross-Platform Web3 Games

The Swiss-based publisher will use the fresh funds to develop and publish its own games as well as partners' games, create new IPs, and build the platform.

Sep 2, 2022
by Akira Ming
Game Developer Xterio Raises $40 Million to Create Cross-Platform Web3 Games
News

Xterio and FunPlus are embracing Web3 gaming with a bigger war chest

Game developer and publisher Xterio has raised $40 million in funding to create mobile Web3 games. The round was led by FunPlus, Makers Fund, FTX Ventures, and XPLA, with participation from Hashkey, Foresight Ventures, Headline, Matrix Partners, and Animoca Brands.

As a Swiss-based company, Xterio is helmed by game execs from FunPlus, Electronic Arts, Activision Blizzard, Krafton, Jam City, NetEase, and other top gaming brands. It aims to provide fun, entertaining play-to-earn games and a GameFi-as-a-service solution to those ready to dabble in this space. 

FunPlus, an indie game developer in Switzerland, will be the company's exclusive partner in blockchain games. Xterio will use the fresh funds to develop and publish its own games as well as partners' games, create new IPs, and build the platform. 

According to VentureBeat, Xterio's upcoming site will feature a new marketplace, social community hub, and more. There are also multiple games in development, with product announcements set to come this fall. 

"Today, there's no mass-market, fun, high-quality, high-fidelity game that incorporates Web3 and digital ownership in a meaningful way," Xterio co-founder and Chief Operating Officer Jeremy Horn told CoinDesk in an interview. "When you look at our executive team, we're very proven hitmakers…who have worked on games that have generated billions of dollars in revenue. We know how to make games, and we're going to put fun at the center of our releases."

Despite the crypto crash, the latest funding highlights investors' deep conviction in Web3 games. Just this month, cross-platform metaverse Ready Player Me raised $56 million to expand its avatar system. Last week, Hong Kong-based metaverse agency Index Game received a $1.7 million investment from The Sandbox. At the same time, Animoca Brands Japan, secured $45 million in funding to boost local Web3 efforts. 

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
We have sent you an email, please confirm!


News Filter
Play Games Now
Galaxy Fight Club
Galaxy Fight Club
illuvium
illuvium
Gods Unchained
Gods Unchained