YGG SubDAO Raises $15M to Boost Play-to-Earn Gaming in Southeast Asia

Yield Guild Games (YGG), a play-to-earn gaming guild, said it has raised $15 million for its SubDAO (YGG SEA) from two funding rounds, according to a press release shared with Coinfomania.

YGG SEA is the first YGG geo subDAO co-founded by Evan Spytma, Dan Wang, and Irene Umar – who are well experienced team leaders in the gaming industry.

Per the announcement, the two rounds saw participation from existing partners as well as notable institutional and industry investors.

The first round was led by YGG and Infinity Ventures Crypto in August.

The other round, which took place in November, was led by investors including Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital and Sembrani Kiqani by BRI Ventures.

It also saw participation from other investors including Circle, Digital Currency Group, Hashed, Polygon, Bukalapak, United Overseas Bank (UOB) Venture Management,  Arca Funds, Evernew Capital, OKEx Blockdream Ventures, Yolo Ventures, SevenX Ventures, LongHash Ventures, FBG Capital, Emfarsis and others.

Per the press release, fresh capital will be used to facilitate the YGG SEA mission to drive play-to-earn (P2E) game adoption and expand the YGG network in the Southeast Asia region.

Commenting on the development, Gabby Dizon, co-founder of Yield Guild Games, said:

“As we roll out across the world, subDAOs like YGG SEA are core to YGG’s expansion strategy as they have the local knowledge and networks. The team launching YGG SEA has deep experience driving tech adoption in the region and the demand for play-to-earn games throughout Asia is incredibly strong.” 

A lot of crypto related activities have been taking place in southeast Asia in recent times. A large number of individuals in the region have also adopted P2E games, which has in the past helped them cover for losses during the COVID-19 pandemic.

This news comes just a few months after Coinfomania reported that YGG raised $4.6 million in a funding round led by popular venture capital firm Andreessen Horowitz (a16z) to expand its P2E global community.

Notably, the funding round was a huge one for YGG because it’s the first backing a Filipino-led startup will receive from a16z.

Meanwhile, in early October, YGG revealed plans to acquire $1 million worth of non-fungible token (NFT) gaming assets from next-gen gaming metaverse Star Atlas.