Entertainment studio and game specialist Pixelverse has closed a $5.5 million funding round, led by a clutch of venture capital funds in the gaming and Web3 space.
The capital injection drew support from existing and new investors, including Delphi Ventures, Merit Circle, and Mechanism Capital. The recent financing round was also bankrolled by Bitscale Capital, Ghaf Capital, Big Brain Holdings, LiquidX, and Foresight Ventures. The raise counts angel investors such as Sébastien Borget, co-founder of The Sandbox.
Pixelverse plans to use the new funding to advance its tap-to-earn model and to create future games and infrastructure for Web3 gaming. The firm rewards regular engagement with Web3 games and mini apps, which combine elements of GameFi and SocialFi.
The funding comes at a time of growth for Pixelverse, which claims that its quest-based cyberpunk browser and Telegram games have attracted over 15 million users and 5 million daily active users within its first month.
“Never in my time at Binance did I see a company with such strong adoption metrics in such a short space of time. Pixelverse is truly a game changer for web3 adoption,” said Kori Leon, COO of Pixelverse and former Binance Listing team member. “Closing this round will allow us to expand our adoption strategy as we continue our journey to become a leading gaming and entertainment hub globally.”
Piers Kicks, founding partner of Delphi Ventures, added: “We are pleased to be backing Pixelverse as they leverage Telegram’s distribution to drive a massive audience into their ecosystem. The team is in tune with the market, and we’re 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 mini-app, PixelTap. Pixelverse's browser-based realm is set to expand, incorporating multiple mini-games and immersive storytelling, the statement read.
Created by former Step App CEO Kirill Volgin, Pixelverse features engaging PvE battles, a “Risk-to-Earn” system, and customizable NFT bots. The game also encourages third-party development through its SDK and Pixelchain infrastructure.
The gameplay of Pixelverse centers on collecting rare items to craft bots, which players can upgrade and merge to create the ultimate battler 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.