Jungle has raised $6 million for its Web3 mobile shooter. The funding shows that the Web3 game development virus has spread to Brazil.
This investment will enable the Sao Paolo company to expand its team of game developers, designers, artists, and engineers to bring the first title in its portfolio to market later this year.
Bitkraft co-led the round with Framework Ventures. Additional participants include Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub and Norte Ventures.
Founded by Joao Beraldo, Giulio Ferraro, and Lucas Kertzman, Jungle aims to be at the forefront of the blockchain gaming revolution, seeking to develop and publish games that onboard the next generation of players to web3.
“We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled,” said Joao Beraldo, Jungle CEO, in a statement. “For web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry.”
With a unique approach to game publishing, Jungle sources and acquires underutilized intellectual properties from established game companies. It develops the product vision and go-to-market strategy, and then launches the title with a focus on web3 distribution, growth, and monetization. This approach enables the company to bring its games to market at a faster pace, while still delivering quality experiences to players.
“We are excited to grow our investment portfolio in Latin America, a region full of some of the world’s most avid and passionate gamers. Jungle is disrupting the current model for building Web3 games by acquiring IP from established game companies, ultimately shipping games at accelerated rates,” said Carlos Pereira, partner at Bitkraft Ventures, in a statement. “The team has prior experience working for one of the largest mobile gaming companies in Latin America and I’m confident this team will put Web3 in Latin America on the map as they launch a gameplay-first focused Web3 mobile shooter later this year.”
Slated to launch in 2023, Jungle’s first title is a Web3 mobile shooter with a gameplay-first focus. Designed for a casual mainstream audience and utilizing an opt-in by default open market economy, the game is poised to bring web3 gaming to new and exciting audiences around the world. The game will enable players to own and trade assets collected from gameplay, bringing the power of digital ownership and free market economies to mobile gaming.
“The open secret in the gaming industry is that there is no shortage of captivating content. Plenty of well funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules” said Framework Ventures principal Brandon Potts, in a statement. “We find Jungle’s approach towards acquiring and optimizing preexisting games really refreshing. By taking advantage of underutilized IP, we think Jungle could avoid the need to reinvent the wheel when it comes to web3 game development, allowing them to deploy and adapt quickly across this new, rapidly growing ecosystem. It’s a really innovative approach, and we’re excited to work with the team on implementing this strategy in the wild.”
The company has eight employees.
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