Toronto-based blockchain game developer Horizon has received $40 million in a series A funding round to promote its business offerings and accelerate the protocol’s adoption. The company did not disclose its current valuation, although it was valued at around $89.5 million last year.
Horizon Plans to Expand its Workforce
The round was led by Brevan Howard Digital and Morgan Creek Digital, with participation from Polygon, Sky Mavis, Axie Infinity co-founder Aleksander Leonard Larsen, Shopify’s CEO Tobias Lütke, and Sandbox’s co-founder Sebastien Borget. Traditional video gaming companies such as Ubisoft Entertainment SA and Take-Two Interactive Software, Inc. also contributed to the new funding.
The new funds will be used to enhance the growth of its developer platform and smart wallet application Sequence, which makes building Web 3 games and applications easy. Aside from that, the funding will be used to support other projects, including the launch of its new semi-fungible token (SFT) marketplace.
Part of the fund will also be allocated to expanding its Skyweaver game, a virtual game that allows players to battle each other using fantasy-based trading cards that come as non-fungible tokens (NFTs). The company also plans to increase its workforce.
Crypto Startups Continue to Raise Funds
The latest funding round shows that institutional investors still have faith in the emerging economy despite the recent market events and price volatility that reduced the market cap to less than $1 trillion, according to CoinMarketCap data.
“The fact that we are significantly oversubscribed in this difficult and bearish market demonstrates the world-class expertise of our team, the excellence of our products, our collective web3 vision, and the fundamentals of how we’re running this company. We are thrilled to have such a powerful group of supporters helping Horizon become the definitive platform, infrastructure, and gaming company for web3,” said Deborah Marfurt, CFO at Horizon.
Just yesterday, XinFin Digital Contract (XDC), a blockchain company that capitalizes on real-world global trade and finance applications, received $50 million from investment group LDA Capital Limited for its ecosystem development.
In addition to investing in the firm, LDA Capital will provide strategic counsel and support for the blockchain firm to increase its reach.
Last month, several crypto-related companies also received investments from institutional investors, including a Nigerian crypto exchange Yellow Card.
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Source: https://coinfomania.com/blockchain-gaming-startup-horizon-secures-40m-in-series-a-funding-to-expand-its-ecosystem/