Skyweaver's non-fungible token (NFT) trading card game creator Horizon disclosed that it has completed a $40 million Series A investment round.
The blockchain-based gaming business intends to use the funds to expand its Skyweaver game, Niftyswap marketplace, and Sequence developer platform. It also hopes to add more staff.
NFTs, which are digital assets on a blockchain that indicate ownership of virtual or actual goods, are used by players in the online game Skyweaver to compete against other players. On the site, more than 400,000 accounts have been made as of June.
Traditional gaming businesses Ubisoft (UBI) and Take-Two Interactive contributed to the financing, which was led by Brevan Howard Digital and Morgan Creek Digital (TTWO). Other participants included Polygon, Bitkraft Ventures, CMT Digital, Quantstamp, Round13 Capital, Xchange, and Everyrealm, in addition to private investors including Tobias Lütke, CEO of Shopify, Sebastien Borget, co-founder of Sandbox, and Aleksander Larsen, co-founder of Axie Infinity.
The fundraising round was initially reported on by Bloomberg. Although the company's previous investment round last year, when it was valued at $89.5 million, was not published, Chief Financial Officer Deborah Marfurt claimed it was higher in the Bloomberg piece, which used PitchBook data.
Prior to the most recent round of fundraising, Horizon had secured initial funding totaling $13.3 million, including a $5 million tranche in 2020 that was led by its recently deceased co-founder, Alexis Ohanian.
The co-founder of Reddit has always supported Skyweaver and NFT gaming, later claiming that the project was a "non-obvious investment" at the time it was started.
Two of the biggest video game publishers in the market are Ubisoft and Take-Two Interactive. Both boast substantial franchises and have already entered the Web3 market.