Midnight raises $7.5 million in seed round led by Shima Capital
The funding will be used to develop a variety of free-to-play and premium Web3 games, with a couple already in development, including a 4X MMO, a 2D pixel brawler and a couch co-op title.
Game development studio Midnight has announced that it has managed to raise $7.5 million in a seed round led by Shima Capital.
The funding will be used to kick-start a Web3 company and platform featuring various blockchain games.
Next to Shima Capital, other participants of the round include Snackclub, Forte, Overwolf, the founders of Illuvium and more.
In an interview with GamesBeat, the CEO of Midnight, Steve Wade, said that the games they produce will be player-first, and there will be both free-to-play and premium titles to enjoy, coupled with a “forging” system that will help in making a healthy economy while bringing interoperability.
“While others are betting that fake ‘ownership’ and its associated economics will bring the masses to boring NFT-driven games, we firmly believe that participation and a secondary market need to be both meaningful and additive to players’ stories. Our games are designed to be fun without the NFT layer, and we are targeting the broadest swath of gamers. It shouldn’t matter whether someone is crypto-native or not – they’ll find something for them at Midnight.”
The company already has 3 titles currently in development: Legion, Next Protectors and At Your Service. The first one is a 4X MMO, the second a 2D brawler with a pixel art style, and the third one is a couch co-op-focused game. More details are set to be revealed in the months that follow.
The General Partner of Shima Capital, Yida Gao, added the following:
“Midnight stands out from the crowd. Their pitch – to focus on building great and accessible games for diverse audiences; to use blockchain technology as a layer that creates real value and utility for players, rather than a crutch; and to meaningfully weave connections through the games, to create a universe of IP – is unique in the space. Shima thoroughly believes in Midnight’s team of industry heavy-hitters to make this vision a reality.”
Midnight was established in late 2021 and currently has over 60 employees working full-time, with a focus on creating games for PC and consoles, while mobile titles may come out at a later point. The studio is founded by Steve Wade, who is a gaming investment banker that has grown and sold 3 gaming studios, launching 45 online games and more.