The NFL Rivals creator’s Series C extension round was led by cryptocurrency asset management Scytale Digital.
Mythical Games, a developer of web-based video games, has raised $37 million in the first round of a Series C expansion deal. Leading investors including ARK Invest, Andreessen Horowitz, and Animoca Brands also contributed to the funding, which was organized by digital asset management Scytale Digital.
The $150 million Series C financing, headed by a16z and valued at $1.25 billion, came after the extension in November 2021. The Seattle-based company hopes to raise between $20 million and $30 million more money and expects to finish the extension deal later this year.
The blockchain-based gaming ecosystem Mythical Chain, Mythical Marketplace, and well-known blockchain titles NFL Rivals and Blankos Block Party are all trademarks of Mythical Games. Two months after its debut, NFL Rivals surpassed a million downloads last week.
Co-founder and CEO John Linden said, “Our goal for 2023 is to further optimize our business and achieve profitability.” The development and eventual release of additional games in our pipeline as well as platform updates, infrastructure improvements, and development will be the main ways this money will be used to accomplish that.
In 2021, Mythical Games raised $200 million in total, including the Series C round and $75 million in June. This time, PROOF VC, Stanford Athletics, MoonPay, WestCap, Gaingels, Signum Growth, and Struck Capital were also investors.
The business had a more difficult year in 2017, losing three top executives in the first week of November and then announcing job cuts that would affect 10% of the workforce. Mythical Games filed a lawsuit against the trio in December for surreptitiously financing $150 million for their new company, Fenix Games, which was founded by the former executives.
Nitro Nation World Tour will begin in late July, according to Mythical Games. The mobile and desktop racing game will include automobile manufacturers like Aston Martin, Jaguar, Pagani, and Lotus and let users race across the globe to collect virtual cars.
A new in-game marketplace for NFL Rivals is also being developed and should be available in a few months, according to Linden. Additional feature enhancements to the Mythical Marketplace are also in the works.