Game developer Xterio raised $40 million in a funding round led by FunPlus, FTX Ventures, Makers Fund, and XPLA on August 30, 2022. Animoca Brands, Foresight Ventures, HashKey, Infinity Ventures Crypto, and Matrix Partners also participated in the fundraising event.
The company will use the acquired capital to create and distribute original mobile and Web3 titles, while developing their own platform Xterio. The project plans to introduce a marketplace and a social community hub, among other features.
“Games and interactive entertainment are always at the forefront of innovation, and FunPlus has a 10-year history of innovating across web and mobile,” FunPlus chief business officer/Xterio Foundation council member Chris Petrovic said in a statement, adding “Our belief is that Web3 has the potential to provide consumers and content creators with new ways to create, distribute and engage.”
Based in Zug, Switzerland, Xterio is a developer of mobile and Web3 games.
The company is composed of gaming, entertainment, and technology industry veterans who have worked with established brands such as Activision Blizzard, Electronic Arts, FunPlus, Jam City, Rockstar, and Ubisoft, among others.
“At Xterio, we are building an amazing game platform that bridges how people play today with the power of Web3 for tomorrow,” Co-Founder and COO Jeremy Horn said in a statement, adding “We will build our games to be fun and engaging for both traditional gamers and the Web3 audience in a way that any type of player can enjoy.”
The company’s core team includes the following:
- Jeremy Horn: Co-Founder (Former Jam City Vice President of Business & Strategy).
- Yitao Guan: CTO & Council Member of the Xterio Foundation (FunPlus Co-founder and CTO).
- Darion Lowenstein: CMO (Former Gamblit CMO, EA, Rockstar Games & Activision-Blizzard).
- Dianne Schepers: General Counsel (Funplus GC and former Senior Legal Advisor Blockchain & Governance at MME).
- James Hall: Creative Director (Former Krafton Sr. Art Director).
About the Xterio Platform
Xterio is a Play-and-Earn gaming platform and GameFi-as-a-Service (GaaS) solution. The company plans to use the platform to distribute games worldwide, using their extensive network and experience in building games.
As a central hub, Xterio allows gamers to discover and enjoy Web3 games. Additionally, the platform will also provide tools and publishing services for the developers, while granting them options to migrate items and characters, as well as cross-promote between titles.
Acording to Xterio’s whitepaper, the ecosystem will utilize a multi-token model with $XTER as the primary and governance token. The deflationary token has a total supply of 1,000,000,000, and is intended for most activities on the platform.
Bright Future Ahead
The success of Xterio’s fundraising efforts brings a lot of hope to the industry and its adherents, since 2022 has definitely been a harsh time for investors and gamers.
On August 29, Web3-focused gaming firm Limit Break raised $200 million in investment capital for their Massively Multiplayer Online (MMO) games. For the hopeful believers, this could be a glimpse of the bright future of blockchain gaming.