Web3 Gaming Startup GFAL Raises $3.2M in Funding Round Led by Supercell and Mitch Lasky

Web3 video games startup GFAL “Games for a Living” has raised $3.2 million in a seed funding round led by the Finnish mobile game development company Supercell Ltd and Mitch Lasky, a general partner at the Silicon Valley venture capital firm Benchmark.

This latest funding will be used by GFAL to expand its core team and speed up its production plans. The investment round builds on the $4.4 million in capital from token pre-sales that the company said it obtained in 2023 through GFAL’s token offering.

The team behind GFAL team includes team members who held positions at King Entertainment, Activision Blizzard, Electronic Arts, Netflix and Digital Chocolate.

GFAL’s token, $GFAL, is currently sitting at a fully diluted valuation (FDV) of $254,717,017 after one of the most impressive token launches of 2023, said the firm.

Elemental Raiders Showing Growth

Funding will go towards the launch of GFAL’s mobile game, “Elemental Raiders ” which soft-launched in March 2023. Elemental Raiders has a growing community of players and is seeing a steady improvement in the performance and the metrics of the game, said the gaming firm.

“I’ve been very impressed with the GFAL team’s design-centred approach to Web3 gaming, and I am delighted to join my friends Trip Hawkins and Ilkka Paananen [CEO of Supercell Ltd] in this financing round to support Elemental Raiders and other titles,” said VC Mitch Lasky in a press release.

Web3 Gaming Growth 2024

In 2024, web3 gaming is growing rapidly with the space attracting more VC investment. In 2023, it is estimated that the blockchain gaming-related rounds reached $1.7 billion which is a significant part of that has flowed to the 270 blockchain games in development on Immutable.

Recently King River Capital, blockchain gaming firm Immutable and Polygon Labs announced they had teamed up to launch a $100 million gaming fund.

Web3 gaming platform Elixir Games raised $14 million in a seed funding round from Square Enix, the Solana Foundation, Shima Capital, and others. The funding will be used by Elixir Games to launch its native token “$ELIX” and its “Launchpad & Incubation Program” which go live later this year.

Illuvium announced it had raised $12 million in a series A funding round with contributions from investors such as Australian venture capital firm King River Capital, Arrington Capital and Animoca Ventures.