Square Enix backs $14 million seed round for web3 gaming firm Elixir Games

Companies • March 27, 2024, 12:01PM EDT

Published 1 minute earlier on

Quick Take

Web3 gaming platform Elixir Games raised $14 million in seed funding from Square Enix, Shima Capital and the Solana Foundation.
Elixir Games will use the funds to develop its gaming ecosystem and launch the $ELIX token undergirding its gaming products.

The web3 gaming firm Elixir Games raised $14 million in seed funding. Gaming giant Square Enix, Shima Capital and the Solana Foundation participated in this seed round.

CEO Carlos Roldan told The Block that the fresh financing brings Elixir Games' total funding raised to $20 million. Following The Round, the board of directors will remain the same.

Elixir Games will use the funds to develop its gaming ecosystem, set to go live in the second quarter of 2024, and support the launch of the $ELIX token undergirding the firm's gaming products, among other endeavors.

"At Elixir Games, we're revolutionizing gaming by empowering gamers beyond the screen," Roldan said. "With our cutting-edge tech and exclusive IP, we're crafting an ecosystem where players don't just play the game — they grow with it, fund it and shape its future."

Square Enix is a Japanese video game publisher responsible for popular titles such as Final Fantasy, Dragon Quest and Kingdom Hearts. The firm brought in $1.69 billion (¥257.6 billion) in net sales in a nine-month period ending Dec. 31, 2023, according to a earnings release.

Square Enix stated last year that it would invest in web3 gaming companies, The Block previously reported.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.