Singapore-based multi-platform game development studio Mighty Bear Games has raised $10 million in a funding round led by Framework Ventures, with participation from a long list of investors including Mirana, Sfermion, Spartan, Dune Ventures, Sanctor Capital, Folius Ventures, Polygon, Play Future Fund, Everblue, Ancient8, Ready Player DAO, Razer, Avocado DAO, DWeb3, Great South Gate, and mrblock.
The studio plans to use the funding to launch its blockchain division and develop a series of immersive AAA web3 games.
Mighty Bear Games was founded in 2016 by a diverse group of industry veterans with experience at the likes of King, Ubisoft, Lucasarts, Disney and Gameloft.
“At Mighty Bear, we believe first and foremost, in games being fun. web3 is already here, but in many ways, its games are lagging behind – lacking the imaginative gameplay and polish the wider gaming community has come to expect,” said co-founder and CEO Simon Davis. “Many existing blockchain games feel like work, with players grinding away at often dull and unrewarding gameplay in exchange for financial gain, but it doesn’t have to be that way. Our approach to Mighty Bear Games’ blockchain division is and always will be games-first and fun-focused, with ways for players to own assets and earn from them built naturally into the game experience. We’re proud to be backed by such a stellar line-up of investors who have the conviction and foresight to be supporting teams in this ‘bear’ market. They truly are the ‘mighty’ ones.”
Alongside the funding, Mighty Bear Games has also announced its first web3 game set to release later this year, Mighty Action Heroes, a multiplayer third-person Battle Royale that puts an emphasis on fun, skill, and chaos. The upcoming game will run on Polygon and the studio will also receive support from Polygon Studios in the form of funding, marketing, technical advice, strategy and ecosystem support.
Urvit Goel, Head of Games BD at Polygon Studios, said, “Mighty Bear Games’ player-centric approach is precisely what we look for in quality web3 projects, and we’re thrilled to welcome them into our burgeoning ecosystem. Their recent raise demonstrates the appetite for a game-first approach to web3 gaming exemplified by Mighty Bear’s products, and we look forward to seeing Mighty Action Heroes come to fruition.”