Quick take:
- King River Capital, Arrington Capital, Spartan Capital and Animoca Capital led the round.
- The company also boasts backing from Framework Ventures, which led last year’s $10 million funding round.
- Illuvium uses a revenue-sharing model that redirects 100% of in-game revenues to staked investors.
Illuvium, a blockchain gaming platform building an interconnected universe where players can carry NFTs across different games has raised $12 million in a Series A round led by King River Capital, Arrington Capital, Spartan Capital and Animoca Capital.
P2 Ventures, Nomura’s Laser Digital, 32-Bit and Seven Capital also joined the round.
According to press material shared with NFTgators, Illuvium has now raised $60 million in funding. The company raised $10 million in a venture round led by Framework Ventures in May 2023.
This fundraising comes just as Illuvium is gearing up to launch its first series of interconnected games in Q2 2024, which created an experience akin to the popular Pokemon Go.
According to the announcement, the Illuvium gaming universe features three interconnected titles designed to utilise the same NFTs seamlessly across all games.
The company has also adopted a unique revenue-sharing model where stakers receive 100% of the in-game revenues paid using the platform’s native token $ILV.
Commenting on his company’s decision to use this type of revenue-sharing mechanism, Kieran Warwick, the Co-founder and CEO of Illuvium said in a statement: “The concept of redirecting 100% of all in-game revenues to staked investors is a major draw for ILV, resonating strongly with our community.”
According to Warwick, this “innovating revenue distribution model will traction across decentralised organisations in the industry,” potentially setting a precedent for future initiatives.
Illuvium has already garnered over a million registered users, who eagerly await the game’s launch according to the press release. In 2022, the company generated $72 million from selling land plots.
The game also features a unique feature dubbed “Illuvium Zero”, a mobile game that allows landholders to play the crucial role of producing fuel, an essential resource used across all game titles.
“This novel mechanic creates an interconnected economy and encourages strategic decision-making and trade among players as fuel becomes a pivotal commodity within the gaming ecosystem,” Illuvium wrote in a statement.
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