In a press release shared with Coinfomania today, Yield Guild Games (YGG), a decentralized autonomous organization (DAO) focused on investing in NFT-based games, said that it has raised $4.6 million from a new funding round led by popular American venture capital firm Andreessen Horowitz (a16z). This is the first time a16z has invested in a Filipino-led startup.
The funding round was also supported by industry investors including Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures, and gaming entrepreneur Gabriel Leydon.
Commenting on the development, Gabby Dizon, co-founder of Yield Guild Games, said that the YGG team is humbled to be the first Filipino founders to receive Andreessen Horowitz’s sincere backing.
Dizon added that what’s more important is that the American venture capital firm has a long-term goal to focus on technology and innovation, which is what YGG needs in a partner to help them scale the narrative and impact of play-to-earn.
According to the release, the project will use the fresh capital to continue its investments in digital assets in games and virtual worlds while also expanding its global community which already consists of over 48,000 gamers.
As a provider of scholarships to the game Axie Infinity, Yield Guild Games provides pathways for players to access the life-changing opportunities presented by play-to-earn gaming where the high cost of NFTs was previously a barrier.
The project said it already has 4,700 scholars in the game Axie Infinity that have generated over 43M SLP (US $8.6M).
Arianna Simpson, General Partner at Andreessen Horowitz, also commented, saying:
“The intersection of crypto and gaming is one of the most exciting areas in tech today. YGG is at the center of play-to-earn, a new model that marks a meaningful evolution in gaming economies… We’re thrilled to partner with YGG to support the community and help accelerate the adoption of play-to-earn games.”
Meanwhile, In June, Yield Guild Games completed its Series A funding round where it raised $4 million from top investors to invest in NFT assets of play-to-earn games, in addition to expanding its network by purchasing more players from around the world.