Web3 gaming company UnCaged Studios has raised $24 million in a Series A equity funding round, with participation from Griffin Gaming Partners, Vgames, Maverick Ventures Israel, Drive by DraftKings and 6th Man Ventures, according to a press release Thursday.
The company is now valued at over $150 million, according to an UnCaged spokesperson.
UnCaged will use the funding to develop its Solana-based esports franchise MonkeyLeague ahead of its public launch at the end of the year. Prior to the current funding round, MonkeyLeague had a $4 million token presale.
The money will also be used for future projects on its native Game OS platform. Game OS supports those entering blockchain gaming through its end-to-end developer platform. From tokenomics to non-fungible token (NFT) integration, it is intended to help gaming companies make the switch from Web2 to Web3.
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UnCaged isn’t alone in its efforts to support blockchain game developers. Last week, Web3 gaming network Planetarium Labs raised $32 million in a Series A round led by Animoca Brands. And in March, gaming development platform Joyride raised $14 million in seed funding.
UnCaged was founded in 2021 by Raz and Tal Friedman, brothers who previously worked at Israeli gaming company Playtika.