Mythical Games Bags $37 Million in Series C1 Funding

An In-depth Look at the Series C1 Funding Round

Mythical Games, a leading player in the Web3 gaming industry, recently announced the successful completion of its Series C1 funding round, raising a substantial $37 million. The round was spearheaded by Scytale Digital, a prominent name in the digital investment space. Other new investors who joined the round include ARK Invest, Animoca Brands, MoonPay, Proof, and Stanford Athletics. This round also saw participation from previous investors such as Andresseen Horowitz, WestCap, Struck Capital, Signum Growth, and Gaingels, demonstrating their continued faith in the company's vision and potential.

The company has hinted at an additional close later in 2023, indicating that negotiations with some strategic investors are still underway. This suggests that the company is not only attracting new investors but also retaining the interest of existing ones, a positive sign for its growth trajectory.

In November 2021, Mythical Games made headlines when it raised a whopping $150 million in a Series C round. This round, led by Andreessen Horowitz, catapulted the company into the coveted "unicorn" club, with a valuation of $1.25 billion.

In the recent Series C1 round, the company decided against a Series D, citing similarities in terms with the Series C. Despite this, the company has managed to maintain its unicorn valuation, a testament to its sustained growth and market potential.

CEO John Linden has revealed that the decision to raise additional funds stems from the company's belief that it is on the cusp of reaching profitability. If this milestone is achieved, the company may consider a potential Series D round. This strategic move indicates that Mythical Games is not just focused on raising funds but also on ensuring financial stability and sustainable growth.

Looking Ahead: Future Plans and Expectations

The successful funding round and the anticipation of additional investments later this year underscore the positive market sentiment towards Mythical Games. The company's focus on reaching profitability within the next 12 months indicates a strong business strategy backed by a robust financial plan.

As the company continues to innovate and expand its offerings, the gaming industry and investors alike will be keenly watching its growth. The potential Series D round, if it materializes, will be another significant milestone in the company's journey, further solidifying its position in the Web3 gaming space.