Quick take:
- Jungle has raised $6 million in a funding round co-led by Bitcraft Ventures and Framework Ventures.
- The Brazil-based web3 studio said it will use the funds to accelerate the development of its web3 mobile shooter game.
- The seed round also attracted participation from Delphi Digital, 32bit Ventures, Karatage, and Stateless Ventures, among others.
Web3 games studio Jungle has closed a $6 million funding round co-led by Bitkraft Ventures and Framework Ventures. The fundraising also attracted participation from Delphi Digital, 32bit Ventures, Karatage, and Stateless Ventures, among others.
The Brazil-based web3 startup said it will use the fresh capital to accelerate the development of its first game title, an NFT mobile shooter game expand its team.
Rather than building the game all up from the ground, Jungle plans to acquire existing intellectual property rights from traditional video games and develop their characters into a web3 mobile game.
In a statement published Monday, Joao Beraldo, Jungle CEO said his company is focused on creating hybrid games that are “mobile-first and blockchain-enabled.”
“For web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry,” said Beraldo.
Founded by Joao Beraldo, Giulio Ferraro, and Lucas Kertzman, the company’s approach to buying underutilised IP for characters development will allow it to build web3 mobile games faster without compromising on the quality and fun the players can experience from playing the games.
Expressing his delight for co-leading the round, Carlos Pereira, partner at BITKRAFT Ventures commented: “We are thrilled to grow our portfolio in LATAM, a region with some of the most avid and passionate gamers in the world. Jungle is disrupting the current model of Web3 game creation by acquiring IP from established game companies and then distributing games at an accelerated pace. The team has already worked for one of the largest mobile game companies in Latin America and I am confident that this team will put Web3 on the map in Latin America with the launch of a gameplay-focused Web3 mobile shooter later this year.”
On the other hand, Brandon Potts, Director at Framework Ventures thinks that Jungle’s approach demonstrates the competitive nature of the video game industry, highlighting how poor timing can affect market penetration regardless of the quality of the game.
“We find the approach of acquiring and optimizing pre-existing games very interesting. By leveraging underutilized intellectual property, we believe Jungle can avoid reinventing the wheel when it comes to web3 game development, allowing it to quickly deploy and adapt in this new, fast-growing ecosystem. This is a truly innovative approach and we look forward to working with the team to implement this strategy,” said Potts.
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