Animoca Brands leads $7M funding round for Param Labs
The $7 million round was led by crypto venture capital firm Animoca Brands, with participation from investment firms such as Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, MH Ventures
Developer of gaming infrastructure Param Labs raised $7 million in an investment round that was "significantly oversubscribed."
The $7 million round was led by crypto venture capital firm Animoca Brands, with participation from investment firms such as Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, MH Ventures.
The funding will be used to address one of the most pressing shortcomings of Web3 gaming – the lack of underlying infrastructure. Modular gaming ecosystems like Param will be crucial for laying the groundwork for the next generation of Web3 games, according to Anthony Anderson, CEO of Param Labs and Kiraverse.
Anderson told Cointelegraph: "Unlike most Web3 studios that focus on developing single game titles, modular ecosystems offer a variety of products and components. This allows developers to build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects."
The funding round precedes significant growth for the Param Gaming Platform, which recently surpassed 300,000 daily active users (DAUs). The protocol's X page has also surpassed the 2.5 million follower mark before the investment round. Animoca Labs co-founder Yat Siu and Face Clan founder Banks also made strategic investments in the protocol. According to Yat Siu, Param Labs could help materialize the vision of a truly open metaverse. Siu wrote: "We're excited to partner with Param Labs to advance digital property rights in gaming, bringing us a step closer to realizing the vision of the truly open metaverse. This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets."
