Total amount raised
$311 Millions
Latest funding date
Location
Sky Mavis has developed a range of innovative products, including Axie Infinity and Ronin, to introduce the world to cryptocurrency through engaging games and practical applications. The company is dedicated to building virtual worlds and the infrastructure to support them, driven by core values such as Integrity, Dedication, Iteration, and Ownership.
Keep reading to explore the intricacies of Sky Mavis's fundraising journey and the investors backing this innovative platform.
What Is Sky Mavis?
Sky Mavis is a company operating in the blockchain and gaming industry. They focus on introducing the world to cryptocurrency through nostalgic games and practical applications. Their main products include Axie Infinity, Ronin, and the Mavis Ecosystem.
Sky Mavis builds virtual worlds and the infrastructure to support them, driven by core values such as Integrity, Dedication, Iteration, and Ownership. The company collaborates with various partners to achieve its mission of economic freedom powered by blockchain technology.
How Much Funding Has Sky Mavis Raised?
- Seed Round
- Amount Raised: $1.5M
- Date: November 2019
- Lead Investors: Animoca Brands
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Axie Infinity and build the initial infrastructure for the Mavis Ecosystem.
- Series A
- Amount Raised: $7.5M
- Date: May 2021
- Lead Investors: Libertus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate the development of the Ronin sidechain.
- Series B
- Amount Raised: $152M
- Date: October 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $3 billion
- Motivation Behind the Round: To capitalize on the success of Axie Infinity and support further development and expansion.
- Series C
- Amount Raised: $150M
- Date: April 2022
- Lead Investors: Binance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To reimburse users affected by the Ronin Bridge exploit and enhance network security.
Total Amount Raised: $311M. Current Valuation: $3 billion.
Key Investors
- Binance
- Details: Binance is one of the largest cryptocurrency exchanges in the world, providing a platform for trading various cryptocurrencies. It was founded by Changpeng Zhao in 2017 and has grown rapidly to become a major player in the crypto space.
- Investment Focus Areas: Blockchain technology, cryptocurrency projects, decentralized finance (DeFi) platforms.
- Notable Investments: FTX, WazirX, Swipe.
- Andreessen Horowitz (a16z)
- Details: Andreessen Horowitz is a prominent venture capital firm based in Silicon Valley. It was founded by Marc Andreessen and Ben Horowitz in 2009 and is known for its investments in technology companies.
- Investment Focus Areas: Technology companies, including software, crypto, and biotech.
- Notable Investments: Facebook, Airbnb, Coinbase, GitHub.
- Animoca Brands
- Details: Animoca Brands specializes in digital entertainment, blockchain, and gamification. The company is known for its work in the blockchain gaming space and has been a significant player in the development of NFTs.
- Investment Focus Areas: Blockchain games, NFTs, decentralized applications.
- Notable Investments: The Sandbox, F1 Delta Time, OpenSea.
- Paradigm
- Details: Paradigm is a venture capital firm focused on crypto and blockchain-related investments. It was founded by Fred Ehrsam and Matt Huang and has quickly become a key player in the crypto investment space.
- Investment Focus Areas: Cryptocurrency, blockchain technology, decentralized finance (DeFi).
- Notable Investments: Uniswap, FTX, Coinbase.
- Accel
- Details: Accel is a global venture capital firm that invests in early and growth-stage technology companies. Founded in 1983, Accel has a long history of successful investments in the tech industry.
- Investment Focus Areas: Early and growth-stage technology companies.
- Notable Investments: Facebook, Slack, Dropbox, Spotify.
What's Next for Sky Mavis?
Sky Mavis stands at a pivotal juncture, with opportunities to rebuild and expand. The recent $150 million funding round, led by Binance, offers a chance to restore user trust by reimbursing those affected by the Ronin Bridge exploit. This financial boost also enables Sky Mavis to enhance security measures, ensuring a more robust and secure platform for its users.
Looking ahead, the company is well-positioned for future fundraising opportunities. Successfully managing the current funds and demonstrating resilience can attract further investments, potentially leading to higher valuations. The growing interest in blockchain gaming and play-to-earn models presents a fertile ground for Sky Mavis to innovate and lead in the industry.
However, challenges remain. Rebuilding trust after the security breach, navigating regulatory landscapes, and ensuring robust security measures are critical hurdles. As Sky Mavis continues to grow, it must balance these challenges with the opportunities to solidify its position in the blockchain gaming space.
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