Web3 Game developer N3TWORK Studios raises $46 million in a Series A funding round led by gaming-focused VC firm Griffin Gaming Partners.
N3TWORK’s series A funding round also attracted participation from Kleiner Perkins, Galaxy Interactive, KIP, Floodgate, LLL Capital, and N3TWORK, Inc.
N3TWORK Studios is a blockchain focused gaming startup, made up of veteran game developers. the studio is rethinking how games are built, operated, marketed and financed in the wake of breakthrough web3 technology.
The gaming studio is working on a diverse portfolio of multiplatform titles. N3TWORK said that the funding will help further the development and launch of the studio’s first two web3 titles, Legendary: Heroes Unchained and Triumph.
Matt Ricchetti, President of N3TWORK Studios, said:
“We’re a group of passionate veteran game makers who see a generational opportunity to leverage our expertise building and operating free-to-play games to create authentic web3 experiences that can reach audiences of millions of players.”
“We believe in a future where game economies are more open and players own the assets they earn and purchase. Reaching that future will require both expanding the core crypto gaming audience and demonstrating to the massive mobile free-to-play audience that web3 is a clear value-add to their gaming experience.”
Forte acquired N3twork’s platform in January 2022 to grow blockchain games. Post acquisition, N3TWORK Studios was founded from the games team of N3TWORK Inc. The team consists of more than 60 industry experts who have designed and maintained numerous successful live service titles for businesses including as EA, Kabam, Zynga, Glu, GREE, Scopely, Machine Zone, Warner Brothers, and Disney.
N3TWORK Studios will use its experience in free to play games as a key advantage to shift the magnitude of audience impact. The company’s strengths will be used to increase the crypto gaming audience and offer game experiences that demonstrate to the world’s largest game audiences that web3 will benefit all types of gamers.
Peter Levin, Managing Director of Griffin Gaming Partners, pointed out that web3 is a paradigm shift and will be a massive games market expander.
“Mobile games and free-to-play reshaped the gaming landscape years ago, and the imaginative minds who led that shift are best positioned to apply the innovative thinking necessary to change the way we play again, states Peter. “N3TWORK Studios has the proven track record and knowledge base to fully realize this potential.”
According to the company, N3TWORK Studios is approaching the space from two angles: fully crypto native games and a hybrid of free-to-play and web3.
Legendary Heroes Unchained is a crypto native title, a play-and-earn RPG based on the popular Legendary: Game of Heroes IP, that will be built from the ground up in partnership with its community. Triumph is a deep, yet accessible real-time multiplayer RPG with an innovative economy that offers a hybrid of free-to-play and web3, designed to appeal to the mobile mass market.
Venture-capital firm Griffin Gaming Partners is one of the leading VC firms mainly focused on the global gaming market with over $1 billion AUM. The firm was founded by Peter Levin, Phil Sanderson, and Nick Tuosto, with LionTree as a strategic partner to the Fund.
Griffin invests globally in seed through growth stages in both content and infrastructure companies such as SuperTeam Games, Forte, WinZO, Overwolf, Discord, AppLovin, Tactile, Spyke Games, Neon, DeHorizon, and Palm.
Griffin recently raised $750 million to invest in gaming companies and adjacent sectors such as tools and platforms, including the fast-emerging blockchain-based gaming segment.
As part of the financing, Peter Levin will join the Board of Directors.