Xterio, a budding developer, publisher, and distributor of high-quality Web3 and mobile games, raised $40 million in a funding round led by FunPlus, FTX Ventures, Makers Fund, and XPLA, Coin Journal learned from a press release.
HashKey, Infinity Ventures Crypto, and Animoca Brands also took part in the round.
Bringing together industry leaders
Xterio unites the experience of leaders in the technology, mobile, entertainment, and free-to-play game design industries. Its cross-platform portfolio will place emphasis on multiplayer games with ownership and rich gaming experiences at their heart.
Funds used to develop and publish games
The platform will use the funds raised to develop and publish their own games and partners’ games, to continue Xterio development, and to create new world-class IPs. The Xterio platform will host a social networking hub, a marketplace, and more.
They are currently developing multiple games and will announce the products this fall. Xterio cofounder Jeremy Horn is a games industry veteran with vast experience in developing and sustaining popular free-to-play games. He commented:
Xterio is working on an amazing games platform that bridges how people play today with the power of Web3 for tomorrow. We at Xterio know ownership enhances gameplay, but we are most interested in creating rich gameplay and long-lasting franchises. We create games to be engaging and exciting for the Web3 audience and traditional gamers in a way that all players will love.
Chief Business Officer of FunPlus Chris Petrovic added:
Interactive games have always been at the forefront of innovation. FunPlus’s decade-long history of innovating across web and mobile has been characterized by the belief is that Web3 has the potential to provide consumers and content creators with new ways to create, distribute and engage. Xterio has the right approach, the right technology, and the right team to create in these early days. They have the potential to be a cutting-edge developer and publisher designed for the Web3 era. They understand that, ultimately, the entertainment value of experiences must come first to truly deliver the promise of Web3 in the long run.