UAE-Based Param Labs Secures US$7 Million In A Funding Round Led By Animoca Brands, With Support From Delphi Ventures, Mechanism Capital, And Others
Summary
Param Labs, the UAE-incorporated independent game and infrastructure development company behind the game Kiraverse as well as 3D asset creation platform Pixel to Poly, has raised US$7 million in what has been described as a "significantly oversubscribed" investment round.The fundraise consisted of seed and private financing rounds led by crypto venture capital firm Animoca Brands, with support from investment firms like Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, MH Ventures, and other top-tier investors.Strategic investments were made by Animoca Brands co-founder Yat Siu and FaZe Clan co-founder Richard "FaZe Banks" Bengtson as well.In a statement, Anthony Anderson, founder and CEO of Param Labs, said, "Were incredibly grateful for the recent funding secured, as it marks a crucial step toward realizing Param Labs long-term vision, which weve relentlessly executed on. "Siu, Executive Chairman of Animoca Brands, added, "Were excited to partner with Param Labs to advance digital property rights in gaming, bringing us a step closer to realizing the vision of the truly open metaverse. "Piers Kicks, Founding Partner at Delphi Ventures, said, "Param Labs has the potential to be a true leader in developing innovative gaming experiences while onboarding traditional users into Web3. "Karan Gandhi, Investment Director at Cypher Capital Group, said, "Param Labs dedication to revolutionizing Web3 gaming resonates with our industry vision. The company has also incorporated over 50 intellectual property partnerships within its ecosystem, with brands such as Pudgy Penguins, Neo Tokyo, Animoca Brands Mocaverse, Pixelmon, as well as retail giants such as GameStop and more.Beyond Pixel-to-Poly and its Kiraverse game, the company aims to host a series of infrastructure including its own ZK EVM compatible layer 2/layer 3 blockchain, built on Ethereum.Param Labs, which is soon to launch its native $PARAM token, boasts of a team with several years of experience with multiple successful exits, generating more than $40 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) revenue, and working with brands like Activision, Epic Games, EA, Ubisoft and more.Param Labs also recently announced Steve Young, the former Consumer Products President at ex-Activision Blizzard, joining as a strategic advisor, which would help it receive constructive insight from an experienced veteran in traditional gaming markets.The company also announced major esports organizations such as LoudGG and Chronic as part of its web2 distribution channels, and it has recruited top gamers from organizations including FaZe Clan, Optic Gaming, and more.Related: Heres How You Can Be A Part Of The Inaugural Leaders In Web3 Conference And Awards Happening On June 11, 2024