Entertainment studio and gaming specialist Pixelverse has closed a $5.5 million funding round, led by a group of venture capital funds in the gaming and Web3 space.
The capital injection was supported by new and existing investors, including Delphi Ventures, Merit Circle and Mechanism Capital. The recent funding round was also funded by Bitscale Capital, Ghaf Capital, Big Brain Holdings, LiquidX, and Foresight Ventures. The raise features angel investors such as Sébastien Borget, co-founder of The Sandbox.
Pixelverse plans to use the new funds to advance its tap-to-earn model and create future games and infrastructure for Web3 games. The company rewards regular interaction with Web3 games and mini-apps, which combine elements of GameFi and SocialFi.
The funding comes at a time of growth for Pixelverse, which says its quest-based cyberpunk browser and Telegram games have attracted more than 15 million users and 5 million daily active users in its first month.
“Never in my time at Binance have I seen a company with such strong adoption metrics in such a short time. Pixelverse is truly a game changer for web3 adoption,” said Kori Leon, COO of Pixelverse and former member of the Binance Listing team. “Closing this round will allow us to expand our adoption strategy as we continue our journey to become a leading global gaming and entertainment hub.”
Piers Kicks, founding partner at Delphi Ventures, added: “We are pleased to back Pixelverse as they leverage Telegram distribution to attract a massive audience to their ecosystem. “The team is in tune with the market and we are excited to see how they will execute their ambitious roadmap this year.”
A portion of the capital will be used to further develop the company's Telegram app, PixelTap. The Pixelverse's browser-based realm will expand, incorporating multiple mini-games and immersive storytelling, the statement reads.
Created by former Step App CEO Kirill Volgin, Pixelverse features engaging PvE battles, a “risk to win” system, and customizable NFT bots. The game also encourages third-party development through its SDK and Pixelchain infrastructure.
Pixelverse's gameplay focuses on collecting rare items to create robots, which players can upgrade and fuse to create the ultimate fighter for the arena. A key aspect of the game is its approach to blockchain gaming earnings, where players are rewarded based on the level of risk they take.
