UnCaged Studios Secures $24M to Support Web3 Game Developers
The funding will be used to expand the Solana-based esports franchise MonkeyLeague ahead of its public launch.
UnCaged Studios has raised $24 million in a Series A equity fundraising round led by Griffin Gaming Partners, Vgames, Maverick Ventures Israel, Drive by DraftKings, and 6th Man Ventures.
According to an UnCaged official, the company is now worth more than $150 million.
UnCaged has big plans for the future
UnCaged will use the funds to further develop MonkeyLeague, its Solana-based esports series, ahead of its public launch at the end of the year. MonkeyLeague held a $4 million token presale prior to the current funding round.
Raz Friedman, CPO of UnCaged, said
“Raising a major round in this market environment definitely became harder, and our success is a clear testament to the skill and execution of our team. We will use this funding well to bring about the next wave of adoption from game developers and users.”
The funds will also be used for future projects on the company's native Game OS platform. Through its end-to-end developer platform, Game OS assists individuals new to blockchain gaming. From tokenomics to non-fungible token (NFT) integration, it aims to assist gaming companies in making the transition from Web2 to Web3.
UnCaged isn't the only organization working to help blockchain game makers. Planetarium Labs, a Web3 gaming network, raised $32 million in a Series A financing led by Animoca Brands last week. Joyride, a gaming development platform, got $14 million in venture funding in March.
Raz and Tal Friedman, brothers who formerly worked at Israeli gaming developer Playtika, established UnCaged in 2021.