Jungle, a Brazilian Web3 game publisher, announced today that it has raised $6 million in seed funding to launch its first title in 2023.
According to the company, proceeds from the investment will be used to expand its world-class team of game developers, designers, artists, and engineers. The successful seed round was co-led by BITKRAFT Ventures and Framework Ventures.
Additional seed round participants included Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures.
Jungle is at the forefront of the Web3 gaming revolution, seeking to develop and publish games that onboard the next generation of players to the blockchain.
The company has a unique approach to game publishing, sourcing, and acquiring underutilized intellectual property (IP) from established game companies.
Furthermore, the company then develops the product vision and go-to-market strategy. Finally, Jungle launches the title with a focus on Web3 distribution, growth, and monetization. This approach enables Jungle to bring games to market faster while still delivering high-quality, enjoyable experiences to players.
A Genre-Defining Web3 Mobile Shooter
Jungle’s first title, slated to launch in 2023, is a genre-defining Web3 mobile shooter with a gameplay-first focus. Designed for a casual mainstream audience, the game will utilize an opt-in by default open market economy, bringing the power of digital ownership and free market economies to mobile gaming. Players will be able to own and trade assets collected from gameplay, a unique approach that is expected to attract new and exciting audiences around the world.
“We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled,” said Joao Beraldo, Jungle CEO. “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.”
Differentiated Approach to Publishing Web3 Games
Jungle is a forward-thinking game studio dedicated to harnessing the power of play for the new internet. With a focus on the future of gaming, Jungle is leading the charge in a rapidly evolving industry.
The company’s unique approach, which prioritizes speed, scalability, and capital efficiency, sets it apart from the competition. By leveraging the latest advancements in technology and taking a player-first approach, Jungle is poised to become a major player in the world of Web3 gaming.
BITKRAFT and Framework Leading the Investments in Jungle Web3 Games
Jungle’s Web3 Investment by BITKRAFT Ventures
BITKRAFT Ventures and Framework Ventures have led Jungle’s $6 million seed round with the aim of supporting the game publisher’s unique approach to developing and launching Web3 games.
Carlos Pereira, Partner at BITKRAFT Ventures, expressed his excitement about the investment in Jungle, stating, “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.”
Pereira added, “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.”
Framework Ventures Invests in Jungle’s Approach
Meanwhile, Framework Ventures Principal, Brandon Potts, praised Jungle’s approach towards acquiring and optimizing pre-existing games. He said, “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 Ventures and Framework Ventures are both leading investment platforms for gaming and Web3 globally, and have previously backed numerous notable companies in the decentralized finance and Web3 spaces.
Their participation in Jungle’s seed round highlights the growing interest in Web3 gaming and the potential for innovative companies like Jungle to reshape the industry.
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