Brazil-based gaming startup Jungle has raised $6 million in a seed funding round co-led by venture capital firms Bitkraft Ventures and Framework Ventures, with plans to develop a Web3 mobile shooter.
Other participants include Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures.
Jungle plans to buy up intellectual property from other existing game studios and adapt them into Web3 mobile games.
The mobile game development pipeline moves relatively quickly. The Jungle team believes that mobile is currently the best platform for Web3 games because it has the most overall users, making it “the only one with the potential to onboard a mass audience to Web3.”
The name of Jungle’s first title has not been revealed yet, but the mobile shooter will allow players to sell the items they find in the game as NFTs.
The game will also have an “opt-in by default open market economy”. Joao Beraldo, Jungle CEO, said: “We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled.”
The open secret in the gaming industry is that there is no shortage of captivating content. Plenty of well-funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules, according to Framework Ventures Principal Brandon Potts. Jungle’s approach towards acquiring and optimising preexisting games is refreshing. By taking advantage of underutilised IP, Jungle could avoid the need to reinvent the wheel when it comes to web3 game development.
Bitkraft Ventures Partner Carlos Pereira said, “We’re ‘inch wide, mile deep’ focused in the interactive entertainment segment. Bitkraft’s prior experience investing in the Web2 gaming world also informs its decisions. We think ultimately that experience gives us an edge in what we’re focused on with Web3.”
The funding round will be used to develop Jungle’s upcoming first title, as well as build out its team of developers.
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