Web3 gaming firm Illuvium has raised $12 million in a series A funding round with contributions from investors such as Australian venture capital firm King River Capital, Arrington Capital and Animoca Ventures.

The funding will be used to develop new games within the Illuvium ecosystem as the firm gears up for its second quarter 2024 gaming releases.

🤝Series A Funding Raise Closed

🎉 We’ve successfully closed our Series A funding, raising $12M from top industry firms! This allows us to expand our game offerings and build on our player experiences.

We want to thank our investors:
– @Arrington_Cap
– @KingRiverVC
-… pic.twitter.com/UyKgKV02mJ

— Illuvium (@illuviumio) March 26, 2024

lluvium Allows Players to Earn ILV Tokens

Illuvium said a standout feature in its gaming approach is the rewarding investment model. Illuvium has a revenue-sharing mechanism, which allows stakers in the protocol to benefit from in-game revenues. The company gives players an opportunity to earn ILV tokens.

“The concept of redirecting 100% of all in-game revenues to staked investors is a major draw for ILV, resonating strongly with our community,” said Kieran Warwick, the co-founder and CEO, in a press release.

Illuvium can be more complex than some web3 games, the play-to-earn ecosystem is well-suited to strategists and offers several interconnected games. Recently listed on Epic Games, this AAA game has graphics and gameplay that have helped it reach a mainstream gaming audience. The ecosystem consists of four games in total, two of which are in early testing, reports Eric Huffman from Cryptonews. 

Illuviium Beyond, allows players to compete to create Illuvatars, collectible NFTs.

Illuvium Arena (PVP) is in early access. New players in Illuvium PVP get three pre-built decks of cards, with teams comprised of Illuvials you can take into the PVP arena. Upgrade your team with suits, weapons, and augments. As you progress through the game, leveling up your Illuvial, you can fuse to create new Illuvials or advanced forms of Illuvials that are more effective in battle.

The Illuvial ecosystem offers several ways to reward players: capture Illuvials to sell on the marketplace, capture a slot on the leaderboard to earn ILV, or stake ILV to earn ILV or sILV.

$100M Gaming Fund Launched

Last week, King River Capital, blockchain gaming firm Immutable and Polygon Labs announced they had teamed up to launch a $100 million gaming fund.

The trio said the new fund dubbed the “Inevitable Games Fund” is a first of its kind “ecosystem-agnostic fund” and will identify high growth opportunities for investors. VC firm King River Capital will lead the investment process with other two specialist firms providing key sourcing and web3 gaming expertise.

Gaming Revenue to Grow in 2024

In 2023, it is estimated that the blockchain gaming related rounds reached $1.7 billion which is a significant part of that has flowed to the 270 blockchain games in development on Immutable.