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 NFT integration, it helps gaming companies make the switch from Web2 to Web3.
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.
