Startup Avocado Guild raises $18m
Blockchain gaming company Avocado Guild has announced it has raised $18m in a Series A funding round led by Animoca Brands and QCP Soteria Node.
Three Arrows Capital, Solana Ventures, Polygon Studios, Hashed, Binance Smart Chain Growth Fund and other investors participated in the round.
According to CoinDesk, the funding brought the startup's valuation to $200m.
The company is a gaming guild operator that connects gamers to blockchain games using the Play-to-Earn (P2E) model. Such platforms provide participants with loans to NFT to enter games such as Axie Infinity. In return, the company receives a portion of the player's revenue.
Avocado co-founder and CEO Brendan Wong, in an interview with the publication, described the guild as a "metaworld universe" as it allows players to participate in multiple virtual worlds.
The startup supports a scholarship programme that has 7,000 participants, mostly from the Philippines and Indonesia.
Fellows are loaned NFT assets, which Avocado buys from other gaming companies. The startup is entitled to 50% of participants' in-game revenue. By the end of the year, the company expects to increase that number to more than 10,000.
According to Wong, Avocado plans to expand operations to more P2E games by acquiring NFT and land in their virtual worlds.
Blockchain game provider Animoca Brands raised $65 million in October. In November, company-owned gaming platform The Sandbox closed a $93 million funding round.