Web3 gaming platform Elixir Games has raised a $14 million seed funding round from Square Enix, the Solana Foundation and Shima Capital, and others.

Funding will be used by Elixir Games to launch its native token “$ELIX” and its “Launchpad & Incubation Program” which go live later this year.

In an announcement, Elixir Games said investors in the funding round were particularly interested in supporting its Launchpad & Incubation Program which will provide support for web3 gaming developers and launch a process for games under the Elixir portfolio.

“This [funding] achievementreflects our commitment to innovation, unity, and excellence in web3 gaming,” said Carlos Roldan, CEO of Elixir Games, in a press release. “As we embark on this journey, our focus is on fostering a community with our infrastructure that leads to groundbreaking gaming experiences,” said Roldan.

Elixir said it has an “extensive roadmap of upcoming releases in 2024” and this includes the release of its native token $ELIX token that aims to simplify the web3 user experience through its gaming platform.

In December 2023, Elixir has successfully raised $7.5 million in a series A investment round led by Hack Venture Capital.  The investment boosted the protocol’s valuation to an impressive $100 million. Investors included AngelList Ventures, NGC Ventures, Bloccelerate, Hudson River Trading, Genesis Trading, and angels from Ledger Prime. 

Web3 Gaming is Growing

On Tuesday, the Web3 gaming firm Illuvium announced it 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.

$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 billionwhich is a significant part of that has flowed to the 270 blockchain games in development on Immutable.