Nefta is set to raise the bar for blockchain games and Web3 ecosystems

Nefta, a Web3 infrastructure provider focused on the gaming and entertainment sectors, has secured $5 million in seed funding. 

The round was led by Play Ventures, a gaming-focused VC firm, with participation from SevenX Ventures, Sfermion, MZ, Polygon Ventures, and reinvestment from Picus Capital. Play Ventures has invested $2.5 million – the single largest investment from its Future Fund. 

Founded by Geeshan Willink, Nefta is a blockchain technology platform that provides tools for businesses to launch and grow their Web3 products. These tools include custom APIs, software development kits, and white-label services to help companies to integrate digital assets, multi-chain wallets, and dedicated marketplaces. Armed with a bigger war chest, the firm intends to expand its operations across the gaming, Web3, and AdTech industries.

"Play Ventures has one of the best portfolios in the world for gaming and Web3. Receiving one of the largest investments from its Future Fund demonstrates their conviction in our team, products, and vision," said Willink in a statement. "With their support, we're able to power the next evolution of game economies, showcasing the benefits of blockchain to help our partners build, grow and scale Web3 ecosystems."

Willink also told The Block that the company is now valued at $32.5 million, a 225% jump in its valuation over the last eight months. Nefta was valued at $10 million in June 2022 when it received $1 million in pre-seed funding from Picus Capital.

It should be noted that Nefta did not officially raise the seed round. SevenX Ventures, on the other hand, was the first to approach the firm. "That conversation went so well that we received a term sheet to follow in our seed round. Following this, we received the lead term sheet from Play Ventures," said Willink. Nefta then met with additional investors before closing the round in January. 

According to Willink, the seed round brings Nefta's total funding to $6 million. Kenrick Drijkoningen, general partner at Play Ventures, will join the Nefta board as part of the agreement. 

The Web3 engine platform has partnered with blockchain gaming studios, like MoonGaming, VIKER, and GAMI, with more to come in 2023.