Seattle-based web3 gaming studio, Mythical Games, has successfully raised $37 million as the initial part of its Series C extension round. The round saw contributions from significant players in the tech investment field, with digital asset manager Scytale Digital leading and prominent firms ARK Invest, Andreessen Horowitz, and Animoca Brands participating.

The recent funding extends from a $150 million Series C round in November 2021, where a16z took the lead and valued Mythical Games at $1.25 billion. The company plans to conclude the extension round later this year, with expectations to raise an additional $20 million to $30 million in capital.

Known for the Mythical Chain blockchain, the Mythical Marketplace, and popular blockchain-based games such as NFL Rivals and Blankos Block Party, Mythical Games has made significant strides in the gaming industry. In particular, NFL Rivals crossed a million downloads just two months post-launch.

John Linden, co-founder and CEO of Mythical Games, outlined the company's plans for the newly acquired funds. "Our goal for 2023 is to further optimize our business and achieve profitability," he stated. The funds are projected to be directed towards platform updates, infrastructure developments, and enhancements, as well as the development and launch of new games.

Last year, Mythical Games managed to raise a total of $200 million, including $75 million in June and the Series C round in November. The present funding round also witnessed support from PROOF VC, Stanford Athletics, MoonPay, WestCap, Gaingels, Signum Growth, and Struck Capital. They even acquired Dmarket back in January as part of their Mythical Marketplace 2.0 launch plans. 

Despite facing challenges in the past, with three top executives leaving and workforce cuts last year, the company remains optimistic. Upcoming projects include the launch of Nitro Nation World Tour, a racing game featuring renowned car brands, slated for late July. Further enhancements to the Mythical Marketplace are also in the pipeline, with Linden hinting at a new in-game marketplace for NFL Rivals set to roll out in a few months.

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