UnCaged Studios, an Israeli startup founded by Playtika veterans that develops Web3 games, raised $24 million in a Serie A round of funding from investors like Griffin Gaming Partners, Vgames, Maverick Ventures Israel and Drive by DraftKings. UnCaged is best known for the first AAA Solana game MonkeyLeague. The company came out of stealth mode just 9 months ago when UnCaged made its initial token sale totaling $ 4 million.
According to Upptic, Web3 games (sometimes called play-to-earn, play-to-own, crypto, blockchain or NFT games) are digital games that use blockchain technology as an underlying component of a game’s economy.
Web3 games are defined by having game assets that are owned (held in custodial wallets) by players in the form of Non-Fungible Tokens (NFTs) or Fungible Tokens. The functional implication of this innovation is that player assets are tangibly owned, and liquid markets exist to enable assets to be sold or traded much like a physical goods.
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Founded in 2021 by brothers Raz and Tal Friedman, UnCaged boasts that it brings design, high production value, and immersive gaming experiences with sustainable economies to life.
UnCaged’s first release, MonkeyLeague, is an #esports game that combines high-production-value, multiplayer gaming with #Solana blockchain, #NFTs, and decentralized finance to deliver an exciting, turn-based, play-and-earn soccer game that’s easy to learn yet hard to master.
Raz Friedman previously served as the CPO at Playtika, and now serves as UnCaged’s CPO. Tal Friedman, former General Manager for Playtika’s House of Fun, serves as the studio’s General Manager. Playtika’s Los Angeles-based Seriously studio makes the popular game Best Friends, which competes with King’s Candy Crush. Playtika went public in January 2021 with an $11 billion valuation.
“Raising a major round in this market environment definitely became harder, and our success a clear testament to the skill and execution of our team,” said Raz Friedman. “We will use this funding well to bring about the next wave of adoption from game developers and users.”