GameOn, a Web3 based fantasy sports startup, has closed a US$1.7 million funding round. Lightning Capital and Flow, the blockchain platform started by NBA Top Shot maker Dapper Labs, led the round.
GameOn raised the funding through a series of convertible notes worth US.2M by Lightning Capital with 10% annual simple interest. It also includes a non-dilutive grant from the Flow Ecosystem Fund. However, the grant is dependent on certain future major league projects and milestones
According to the company, the funding will be used to accelerate GameOn’s PLAYN3XT platform and acquisition of major league IP partners. PLAYN3XT is a web3 gaming platform that allows users to play, earn, and own their digital assets. The platform is currently in beta and is expected to launch fully in Q3 2023.
Earning conviction from web3 powerhouses is a nod to our team, product, and business. We continue to surround ourselves with resources, people, and organizations that foster success. We’re aggressively honing in on major league IP acquisition that will return scaled profitability, fueled by best-in-class product and execution.”
Matt Bailey, CEO of GameOn
Also read: To better gaming license management GeoComply buys OneComply
A big bet on Web3 fantasy sports startup
In March this year, GameOn announced receiving a non-dilutive grant from HBAR Foundation to launch Karateka, a collection of unique and playable digital fighters, specifically on the Hedera network.
Prior to this round, GameOn had previously raised US$6 million from Brand Capital International. It also announced a strategic partnership with Polygon in 2021, to build NFT-Based games on their Ethereum-based scaling platform.
Founded in 2018 by CEO Matt Bailey, GameOn, founded in 2018 by CEO Matt Bailey, creates web3 games for audience engagement, retention, and monetization. Some of its users include NBCUniversal, Bravo, Karate Combat, Times Internet, the WNBA, DICK’S Sporting Goods, and the Gaming Society, among others.
The funding round is a sign of the growing interest in web3 gaming and fantasy sports. Web3 gaming is a new type of gaming that uses blockchain technology to create a more immersive and engaging experience for players. Fantasy sports is a popular hobby that allows fans to compete against each other to win prizes.
Also read: Sequoia Capital splits into 3 new independent partnerships
