Market maker and investment firm DWF Labs has invested $16 million in Web3 company RACA, a deal that includes purchasing an unspecified amount of RACA tokens. The funding will help RACA continue its goal of becoming an expansive Web3 gaming ecosystem.

Founded in 2021, RACA (formerly known as Radio Caca) started out as manager of the non-fungible tokens (NFT) from Maye Musk, Elon Musk’s mother.

The company has already launched a R3 game infra, SimCity-esque sandbox game USM.WORLD, social party game Looki Looki Jazzi, cross-game DID wallet JAZ, and a NFT marketplace.

DWF Labs has emerged as one of the most active investors during the crypto bear market. Recent investments have included a $20 million fundraise for derivatives trading platform Synthetix and a $40 million raise for AI-focused crypto protocol Fetch.ai.

The RACA token was about flat over the past 24 hours at $0.0001946 at the time of publication, according to CoinMarketCap.

Read more: Market Maker DWF Labs Emerges as Top Crypto Investor