- The funds are used to develop a mobile shooter and expand the team
- The main investors were Bitkraft Ventures and Framework Ventures
Brazilian startup Jungle attracted $6 million seed funding round. Investors were such venture capital companies as Bitkraft Ventures and Framework Ventures. The proceeds will be used to develop a mobile shooter, as well as to expand the development team. Delphi Digital, 32bit Ventures, Karatage, Stateless Ventures and others also took part in the funding round.
Unlike other startups that can take years to launch, Jungle moves relatively quickly. Instead of developing all of its own story and characters in-house, the company plans to buy intellectual property (IP) from other existing game studios and adapt them for Web3 mobile games.
“Our strategy is to find mobile games that are already running or in development and that can be successfully converted to Web3. We are looking for blue spots in the ocean, which will soon turn red. We also seek to avoid competition and position ourselves in industries where we can win,” said Jungle co-founder and CEO Joao Beraldo.
What will be the first game from Jungle is still unknown. But there is information that it will be a mobile shooter that will allow players to sell items they find in the game, like NFTs. It is also known that the application will have an open market economy.
The company’s CEO added that the platform is now the best for Web3 games. He explained that Jungle has the largest number of users, making it the only platform with the potential to attract mass audiences to Web3.
Also recently, 11 projects raised $124.3 million in 2 days. You can find out more about this in our material.