Lava Labs announced a $10 million funding round in its latest series A round. Its current valuation is now at $100 million. The London-based blockchain gaming startup intends to use the capital to develop its multiplayer Web3 game, AFAR.
Officially, Lava Labs announced that funding was provided by Dialectic, a Swiss venture capital firm. The official release from Lava Labs revealed that the funding was led by Swiss venture capital firm, Dialectic.
“We are extremely motivated to set the standard for blockchain gaming, with a laser-focus on gameplay fun. It has been an overwhelming experience to see the early support from the community.
The funds will be used to fund “AFAR”, a multiplayer game in which 25 players compete against each other in four-minute battles over four rounds. According to the gaming platform, players will be able use their lands in a mini game in the second quarter of this year, while the main game is being developed.
“Lava Labs is well on its way to becoming the Pixar for Web3. The gameplay in AFAR is so amazing that you immediately think “this game and this team have reached the next level.”
According to reports, the funding round was closed in February. The company then announced that it would be selling new virtual land later in the year. Trip Hawkins, who founded American videogame company Electronic Arts, is backing Lava Labs. Hawkins is the executive coach and advisor to the studio. It received funding prior from Makers Fund which is a venture capital firm that focuses on early-stage investments.
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