Horizon Blockchain Games raises $40 million Series A

Toronto-based blockchain game maker Horizon Blockchain Games Inc. announced on Tuesday that it has raised $40 million in a Series A funding round led by Brevan Howard Digital and Morgan Creek Digital.

As reported by Bloomberg, the round also saw participation from video game companies Ubisoft Entertainment SA and Take-Two Interactive Software, Inc. 

Founded in 2017 by Daniel Racca, Ian Ha, Michael Sanders, Peter Kieltyka and William Hua, the startup said that it would use the funding money to increase the number of its team members from 60 to 80 by the end of this year, and support the development of its developer platform Sequence, decentralized marketplace Niftyswap, and its Web3 game Skyweaver.

Skyweaver is a free-to-play card-trading game that allows players to challenge each other and earn non-fungible tokens. It was launched in February this year, and saw over 400,000 accounts created as of June. It’s currently available on Google Play and the App Store, and can also be played on desktop devices with Microsoft, Mac and Linux operating systems.

While Horizon didn’t disclose its final valuation after the round, its CFO Deborah Marfurt said that it was above than in its previous funding round that took place in 2021. According to data from PitchBook, Horizon’s valuation rose to $89.5 million following last year’s round.

In August, Web3 gaming and commerce platform INK Games secured $18.75 million in funding and Web3 & mobile game maker Xterio also raised $40 million to create cross-platform games.