Image credits: Xterio
Xterio, a Zug, Switzerland-based developer of mobile and Web3 games, announced on Tuesday that it has secured $40M (approximately €40M) in a funding round led by FunPlus, Makers Fund, FTX Ventures, and XPLA.
Other investors participated in the round, including HashKey, Foresight Ventures, Infinity Ventures Crypto, Matrix Partners, and Animoca Brands.
The funding will allow Xterio to develop and publish its games and partners’ games, create new world-class IP, and continue development on the Xterio platform, which will house a marketplace, social community hub, and more.
The company says multiple games are developing, with product announcements coming this fall.
Xterio: What you need to know
According to the whitepaper, Xterio is a play-and-earn (P2E) gaming platform and a GameFi-as-a-service (GaaS) solution that will serve as an onboarding catalyst to web3.
Xterio consists of a group of proven game veterans from FunPlus, Electronic Arts, Zynga, Activision Blizzard, Krafton, Jam City, NetEase, and other top studios.
The company is led by
- Jeremy Horn (co-founder and COO) – formerly Vice-President of Strategy at Jam City
- Yitao Guan (CTO) – co-founder of FunPlus,
- Darion Lowenstein (CMO ) – a 25+ year industry veteran
Xterio’s cross-platform portfolio will focus on multiplayer games with deep, rich gaming experiences across multiple genres enhanced by player ownership.
“At Xterio, we are building an amazing games platform that bridges how people play today with the power of Web3 for tomorrow,” says Jeremy Horn. “We believe that gameplay is enhanced by ownership, but we are most interested in creating long-lasting franchises and rich gameplay experiences. We will build our games to be fun and engaging for traditional gamers and the Web3 audience in a way that any type of player can enjoy.”
The company is on a mission to develop Web3 native universes that will be expanded across all media and platforms.
FunPlus, a global developer of popular mobile strategy games, provides Xterio with its technology stack and access to its central services. Also, Xterio is FunPlus’ exclusive partner to mint, deploy and manage all NFTs for current and future titles.
“Games and interactive entertainment are always at the forefront of innovation, and FunPlus has a 10-year history of innovating across web and mobile. We believe that Web3 has the potential to provide consumers and content creators with new ways to create, distribute and engage,” says Chris Petrovic, Chief Business Officer, FunPlus, and Council Member of the Xterio Foundation.
He adds, “Xterio has the right team, the right technology, and approach to be builders in these early days of creating the next generation developer and publisher designed for the Web3 era. However, they understand that ultimately the entertainment value of experiences must come first to truly deliver the promise of Web3 in the long run.”
For the developers, the company provides Web2 and Web3 tool suite, publishing services, and the capacity to carry items and characters, increasing their value and cross-promotion between titles.
The Xterio platform is developed by the Xterio Foundation, a Swiss not-for-profit foundation based in Zug.
“The Xterio Foundation’s purpose is to develop and maintain the functionality of the Xterio platform and its tokens in a manner that best serves the interest of the token holders,” says the company in Whitepaper.
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