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Xterio, a cross-platform publisher and developer of high-quality Web3 and mobile games, has raised $40 million in funding.
FunPlus, FTX Ventures, Makers Fund and XPLA led the round, with additional participation from Hashkey, Foresight Ventures, Headline, Matrix Partners and Animoca Brands.
The funding shows that gaming investors are still excited about blockchain gaming, despite the economic slowdown, the war in Ukraine, high inflation, crypto winter, and a new slump in gaming. And Web3 teams with a good launch can still raise a big round of funding.
The Zug, Switzerland-based company is led by game executives from FunPlus, Electronic Arts, Activision Blizzard, Krafton, Jam City, NetEase and other major game brands, with a focus on creating multiplayer games that aim to entertain and reward players for playing together. .
The Xterio platform is designed to benefit both the gaming community and the developers who serve them. For hardcore gamers, Xterio wants to be the central hub for discovering and playing high-quality Web3 games. For developers, Xterio offers a complete set of Web2 and Web3 tools and publishing services, and the ability to carry articles and characters, increasing their value and cross-promotion between titles.
The funding will be used to develop and publish its own games as well as partner games, create new world-class intellectual property, and continue development on the Xterio platform, which will host a marketplace, social community hub, and more. Several games are currently in development, with product announcements coming this fall.
Xterio’s executive team draws on decades of experience from world leaders in technology, gaming and entertainment. Co-founder Jeremy Horn, the former Vice President of Strategy at Jam City, is a games industry veteran with experience developing and maintaining high-grossing free-to-play social games across multiple platforms.
“At Xterio, we’re building an incredible gaming platform that connects the way people play games today with the power of Web3 for tomorrow,” Horn said in a statement. “We believe that the game improves with ownership, but what we are most interested in is creating lasting franchises and rich gaming experiences. 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 gamer can enjoy.”
CTO Yitao Guan, who co-founded FunPlus, will oversee Xterio’s strategic and technical product approach, and CTO Darion Lowenstein, a 25-year industry veteran, will drive marketing, publishing and licensing.
“Games and interactive entertainment are always at the forefront of innovation, and FunPlus has a 10-year history of innovation across the web and mobile devices. We believe that Web3 has the potential to provide consumers and content creators with new ways to create, distribute and engage,” said Chris Petrovic, chief commercial officer of FunPlus and board member of the Xterio Foundation, in a statement. “Xterio has the right team, the right technology and the right approach to be builders in these early days of creating the next generation of developers and publishers designed for the Web3 era. They understand that ultimately the entertainment value of experiences must come first to truly deliver on the promise of Web3 in the long run.”
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