Cometh Secures $10M Round Co-Led by White Star Capital, Ubisoft, and Stake Capital

French blockchain gaming studio Cometh has completed a $10M seed round backed by White Star Capital, Ubisoft, Stake Capital, Serena Capital, and Shima Capital.
Image source: cometh.io

Quick take:

  • Cometh has announced a $10 million funding round co-led by White Star Capital, gaming giant Ubisoft and DeFi group Stake Capital.
  • The French gaming studio also announced the launch of its second blockchain game.
  • Serena Capital, Shima Capital and IDEO Colab Ventures also participated in the seed round.

French video game studio Cometh gas announced the successful completion of a $10 million seed round co-led by White Star Capital, gaming giant Ubisoft and DeFi group Stake Capital. The fundraising also attracted the participation of Serena Capital, Shima Capital and IDEO Colab Ventures.

The DeFi-powered play-to-earn game developer also announced the launch of its second blockchain game “Comet Battle”. The studio also helps mainstream gaming companies create crypto and P2E gaming protocols for their video games.

Commenting on his company’s latest fundraising Cometh founder de Tychey said: “Gaming is entering a new era of mass connectivity and digital ownership of playable assets. Our team builds games that explore the new possibilities offered by blockchain technology along with the tools to enhance traditional games with it.”

Cometh Battle follows the startup’s first game, which garnered over 10,000 players according to the company. 

Sep Alavi, general partner of White Star Capital commented: “Today gaming touches many verticals including social media, e-commerce, entertainment and DeFi. Cometh is building a true end-to-end gaming platform powering the next generation of P2E games.” 

While Start Capital recently launched a $120 million crypto fund to invest in blockchain games and Web3 products. The Ubisoft backed GameFi crypto and GameFi investment company has already raised $60 million in the first close of the crypto fund.

The blockchain gaming space has become one of the most attractive places to invest for venture capital firms, and White Star seems to be putting its crypto fund to good use.

In a report published by DappRadar, the segment continued to propel NFT transactions accounting for approximately 70% in Q1 2022, which saw volume surge 153% from the same quarter a year ago.

While some mainstream gaming companies have chosen to stay away from P2E gaming, Cometh’s other business vertical that seeks to onboard more mainstream developers to the space could still benefit from the likes of Ubisoft, which has continued to show great commitment despite facing backlash from their communities.

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