Zug, Switzerland-based mobile and Web3 game developer & publisher Xterio said on Tuesday that it has raised $40 million in a Series A funding round.
The round was led by FunPlus, Makers Fund, FTX Ventures, and XPLA, and also saw participation from backers including HashKey, Foresight Ventures, Infinity Ventures Crypto, Matrix Partners and Animoca Brands.
Founded this year to create high quality free-to-play-and-earn mobile and Web3 games, Xterio’s executive team consists of game veterans who held key positions at renowned gaming companies including FunPlus, Electronic Arts, Activision Blizzard, Krafton, Jam City and NetEase.
Xterio’s Co-founder Jeremy Horn previously worked as the Vice-President of Strategy at Jam City, Chief Technology Officer Yitao Guan co-founded FunPlus, and Chief Marketing Officer Darion Lowenstein held producing positions at companies like Electronic Arts and Activision Blizzard.
The company said that it will use the funding money to enhance its platform, build and publish its own titles and also its partner’s titles. The games that it’s currently working on include Project Jupiter, Project Mercury and Project Venus.
Jeremy Horn said: “At Xterio, we are building an amazing games platform that bridges how people play today with the power of Web3 for tomorrow. 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.”
FunPlus’ Chief Business Officer and Xterio Foundation’s Council Member Chris Petrovic commented: “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.”