Web3 game publisher Jungle has announced that it has secured $6 million in seed funding to launch a web3 mobile shooter game that will be released later this year. The funding round was co-led by BITKRAFT and Framework Ventures, with additional participants including Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, Bodhi and Norte Ventures. The funds will be used to expand Jungle’s team of developers, designers, artists, and engineers.
Jungle CEO Joao Beraldo said,
“We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled. For web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry.”
Jungle’s approach to game publishing involves acquiring underutilized IP from established game companies, developing the product vision and go-to-market strategy, and then launching the title, focusing on web3 distribution, growth, and monetization. This approach enables the company to market its games faster while delivering high-quality, enjoyable experiences to players.
The company’s first title is a genre-defining web3 mobile shooter designed for a casual mainstream audience. The game will utilize an opt-in by default open market economy that will enable players to own and trade assets collected from gameplay. The game is poised to bring web3 to reach new and excited audiences worldwide.
Framework Ventures, Principal Brandon Potts said:
“The open secret in the game industry is that there is no shortage of captivating content. Plenty of well-funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules. We find Jungle’s approach towards acquiring and optimizing preexisting games really refreshing. By taking advantage of underutilized IP, we think Jungle could avoid the need to reinvent the wheel when it comes to web3 game development, allowing them to deploy and adapt quickly across this new, rapidly growing ecosystem. It’s a really innovative approach, and we’re excited to work with the team on implementing this strategy in the wild”.
BITKRAFT and Framework Ventures have expressed confidence in Jungle’s unique approach to acquiring and optimizing preexisting games. They believe the company’s underutilized IP will allow them to deploy and adapt quickly across the rapidly growing web3 ecosystem.
Carlos Pereira, Partner at BITKRAFT Ventures commented:
“We are excited to grow our investment portfolio in LATAM, a region full of some of the world’s most avid and passionate gamers. Jungle is disrupting the current model for building Web3 games by acquiring IP from established game companies, ultimately shipping games at accelerated rates. The team has prior experience working for one of the largest mobile gaming companies in LATAM, and I’m confident this team will put Web3 in Latin America on the map as they launch a gameplay-first focused Web3 mobile shooter later this year.”
Jungle is a game studio dedicated to harnessing the power of play for the new internet. By leveraging the latest technological advancements and taking a player-first approach, Jungle aims to become a significant player in Web3 gaming. With a mission to unlock the full potential of this exciting new frontier, Jungle is motivated to drive innovation and growth in the industry.
