Vietnamese Maker Of Blockchain-Based Game Axie Infinity Raises $152 Million In Funding Led By Andreessen Horowitz

Vietnamese game maker Sky Mavis, which developed the blockchain-based game Axie Infinity, has raised a $152 million Series B funding round led by the prominent Silicon Valley venture capital firm Andreessen Horowitz.

The funding round, which also includes participation by VC firms Accel and Paradigm, values the four-year-old startup at about $3 billion, according to media reports.

“This new funding round will allow us to fuel the play-to-earn revolution, bring in incredible talent from across the globe, scale our infrastructure for expected growth, and build our own distribution platforms to support game developers to create NFT-enabled games,” Sky Mavis said in a statement.

“Axie Infinity is a digital pet universe and player-owned economy consisting of a breeding game, a battle game, and a land-based Clash of Clans style game,” Arianna Simpson, a partner at Andreessen Horowitz focused on crypto investments, explained on the VC firm’s website. “The game’s consistent, unifying thread is the Axie, an NFT character that is used across games and can be traded on secondary marketplaces.”

Andreessen Horowitz, founded by billionaire Marc Andreessen and Ben Horowitz, is best known for its investments in Facebook and Twitter. The firm has also been actively investing in blockchain and cryptocurrency-related companies, such as Coinbase, CryptoKitties and Ripple. Andreessen Horowitz raised $300 million for its first crypto-focused fund in 2018.

NFT-enabled games, like Axie Infinity, allow players to trade game assets for cryptocurrency. According to Sky Mavis, its daily active players grew to over 2 million from 38,000 in April this year, and the volume traded on its proprietary NFT marketplace reached $2.2 billion.

Sky Mavis was founded in 2017 by Andy Ho, Aleksander Leonard Larsen, Trung Nguyen and Jeffrey Zirlin. A year later it launched Axie Infinity.

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