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FunPlus, FTX Ventures, Makers Fund and XPLA led the round, with additional participation from Hashkey, Foresight Ventures, Headline, Matrix Partners and Animoca Brands.
The funding shows that game investors are still enthusiastic about blockchain games, despite the economic slowdown, war in Ukraine, high inflation, the cryptocurrency winter and a newfound gaming slump. And Web3 teams with a good pitch can still raise a whopper of a funding round.
The Zug, Switzerland-based company is helmed by game executives from FunPlus, Electronic Arts, Activision Blizzard, Krafton, Jam City, NetEase and other top games brands, with a focus on building multiplayer games that aim to entertain and reward players to play together.
The Xterio platform is designed to benefit both the games community and the developers that serve them. For hardcore gamers, Xterio wants to be the central hub to discover and play high-quality Web3 games. For developers, Xterio provides a full-service Web2 and Web3 tool suite and publishing services, and the ability to carry items and characters, increasing their value and cross-promotion between titles.
The funding will be used to develop and publish its own games as well as partners’ games, create new world-class intellectual property and to continue development on the Xterio platform, which will house a marketplace, social community hub and more. Multiple games are currently in development with product announcements coming this fall.
Xterio’s executive team builds upon decades of experience from global leaders in technology, games and entertainment. Cofounder Jeremy Horn, formerly vice president of strategy at Jam City, is a games industry veteran with expertise in developing and sustaining top-grossing social free-to-play games across multiple platforms.
“At Xterio, we are building an amazing games platform that bridges how people play today with the power of Web3 for tomorrow,” said Horn, in a statement. “We believe that gameplay is enhanced by ownership, but we are most interested in creating long-lasting franchises and rich gameplay experiences. We will build our games to be fun and engaging for both traditional gamers and the Web3 audience in a way that any type of player can enjoy.”
CTO Yitao Guan, who cofounded FunPlus, will oversee Xterio’s strategic and technical product focus, and chief marketing officer Darion Lowenstein, a 25-year industry veteran, will drive marketing, publishing and licensing.
“Games and interactive entertainment are always at the forefront of innovation, and FunPlus has a 10-year history of innovating across web and mobile. Our belief is that Web3 has the potential to provide consumers and content creators with new ways to create, distribute and engage,” said Chris Petrovic, chief business officer at FunPlus and council member of the Xterio Foundation, in a statement. “Xterio has the right team, the right technology and the right approach to be builders in these early days of creating the next generation developer and publisher designed for the Web3 era. They understand that ultimately the entertainment value of experiences must come first to truly deliver the promise of Web3 in the long run.”
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