Web3 game developer and publisher Xterio has received a $40 million investment at a $300 million valuation.
Xterio has raised $40 million in a funding round jointly led by video game developer FunPlus, venture capital firm Makers Fund, FTX Ventures and blockchain gaming platform XPLA.
Xterio to Grow Web3 Gaming Team with Investment
In a statement made by Xterio, it was announced that other investors in the round include Animoca Brands, HashKey, Foresight Ventures, Infinity Ventures Crypto and Matrix Partners.
Co-founder of the company, who stated that the investment was collected through the sale of SAFT Jeremy HornIn an interview with The Block, he said;
“This was Xterio’s first fundraiser and was accomplished with a simple agreement for the future token (SAFT) sale. The tour increased the valuation of Xterio to $300 million.”
Horn added that while the current market drop means Xterio needs to work to be extra convincing to investors, the firm eventually closed an over-demand round and didn’t have to lower its valuation.
With an investment of $40 million, Xterio plans to develop and publish web3 games and expand its team. In the statement made by the company, no information was given about the games, but it was stated that they would be equal to the best console games on the market in terms of quality.
