Yield Guild Games South East Asia (YGG SEA), has raised $15 million across two separate private funding rounds, with participation from notable institutional investors, including YGG, Infinity Ventures Crypto (IVC), Crypto.com Capital, Animoca Brands, and more. The team says the funds will be used to accelerate the adoption of play-to-earn gaming in Southeast Asia.
YGG SEA Raises $15 Million
Yield Guild Games Southeast Asia (YGG SEA), a sub-decentralized autonomous organization (subDAO) of Yield Guild Games (YGG), a Philippines-based blockchain gaming metaverse, has successfully raised $15 million from investors via two separate funding rounds.
Per a press release shared with crypto.news, the initial round was jointly led by YGG and Infinity Ventures Crypto (IVC), while the follow-up round attracted notable investors such as Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital, Sembrani Kiqani (a fund by BRI Ventures), Circle, and Digital Currency Group.
Other participants include Hashed, Polygon, Bukalapak, United Overseas Bank (UOB) Venture Management, Arca Funds, Evernew Capital, OKEx Blockdream Ventures, Yolo Ventures, SeveX Ventures, LongHash Ventures, Hashkey Group, Morningstar Ventures, Rise Capital, Dialectic, SweeperDAO, PetRock Capital, DNC Ventures, FBG Capital and Emfarsis.
Boosting Play-to-Earn Gaming in Southeast Asia
YGG SEA is the first regional subDAO of Yield Guild Games and its primary focus is on nurturing gamers from Malaysia, Indonesia, Vietnam, and Thailand. YGG says subDAOs such as YGG SEA function as the key drivers of its expansion strategy across the world, as they have the knowledge of the local terrains and networks.
The team has hinted that the raised funds will be used to power initiatives that will boost the adoption of play-to-earn gaming in Southeast Asia.
Animoca Brands CEO, Robby Yung said:
“As an investor in YGG, Animoca Brands is a supporter of the YGG SEA team, its business model, and its regional focus. We believe YGG SEA will strongly contribute to onboarding players to blockchain across Southeast Asia.”
YGG says its ecosystem goal is not just to onboard players into the paly-to-earn gaming industry as scholars but to be a bridge that facilitates the transition of the Web2 community to Web3, through GameFi.
YGG SEA has been aggressively onboarding and creating a safe space for gaming scholars to enter Web3 through heavy localization and a grassroots level approach in each jurisdiction.
Additionally, YGG SEA says it’s dedicated to supporting locally developed play-to-earn games and acquiring NFTs that are uniquely suited o the needs and interests of players in Southeast Asia, while also promoting the global adoption of P2E games made in the region.
Bobby Bao, Managing Director at Crypto.com Capital said:
“Crypto.com Capital is pleased to support the launch of YGG’s first-ever subDAO – YGG SEA – in its private funding round. We believe that Southeast Asia will continue to be the largest market globally for play-to-earn operators and that YGG SEA – with its operational expertise spanning from YGG and its in-country team – will continue to hold the lion’s share of high-quality scholars in the region.”
YGG SEA says its mission is to establish the biggest and most sustainable play-to-earn virtual economy in Southeast Asia. YGG SEA is a founding member of the Asia Blockchain Gaming Alliance. YGG, the parent DAO of YGG SEA, is a community of play-to-earn gamers.
YGG functions like a gaming guild, acquiring yield-generating digital collectibles across various play-to-earn games and lending the assets to players who can’t afford them. These gamers, in turn, share a fraction of their in-game rewards with YGG.
Source: https://crypto.news/ygg-sea-15-million-funding-southeast-p2e-gaming-industry/