YGG SEA raises $500k in private funding round co-led by new partner Solana Ventures
The new partnership and financing aims to support game developers and gaming communities in the Southeast Asia region, with scholars part of YGG's first subDAO getting access to future games on the Solana network.
YGG SEA, the first subDAO of Yield Guild Games, has managed to successfully raise $500k in a private funding round co-led by Solana Ventures, who is now also a new partner of the Southeast Asia-focused subDAO.
Matt Beck, Head of Solana Ventures said:
“Southeast Asia is a major hub of innovation in blockchain games, and we are excited to partner with YGG SEA to build sustainable value in the Southeast Asian communities and developer ecosystem. Game companies should not only focus on monetization. Our plans are to build out learning and development resources to create real, long-term value in Southeast Asia, and ultimately help bring the best games and products to market.”
The CEO and Co-Founder of YGG SEA, Evan Spytma, added:
“The demand for play-to-earn games is higher than ever, especially in Southeast Asia’s countries. YGG SEA’s core team and country managers have a deep understanding of the cultural nuances in this diverse region, and have been building our community of scholars from the ground up since early 2022. The new partnership with Solana Ventures will give YGG SEA an incredible boost and help us offer the best resources to players and developers in Southeast Asia as we continue to serve the needs of the region’s gamer communities.”
YGG SEA is the founding member of the Asia Blockchain Gaming Alliance and the first subDAO of the most popular gaming-focused decentralized autonomous organization, Yield Guild Games. The play-to-earn sub-guild will focus on providing scholarships for various crypto games to communities in the ever-growing Southeast Asia region, blockchain games that will include new, promising titles on the Solana network. The subDAO has previously raised $15 million across 2 funding rounds last year: a seed round led by YGG and Infinity Ventures Crypto and a private round led by Animoca Brands, Crypto.com Capital and many more.
Solana Ventures is an investment unit of Solana Labs, whose goal is to invest in projects that help provide growth to Solana, the blockchain network which has shutdown 7 times this year. The reason for the latest outage is supposedly the result of NFT minting bots sending more than 4 million transactions per second.