Brazilian gaming company Jungle raises $6M for web3 mobile shooter
Jungle, a gaming company headquartered in Sao Paulo, has secured $6 million in funding for its Web3 mobile shooter game. The significant investment indicates that the Web3 game development trend has successfully penetrated the Brazilian market.
Funding game development
With the newly acquired $6 million funding, Jungle will be able to grow its team of skilled game developers, designers, artists, and engineers. This expansion will facilitate the company’s plans to launch its debut title later this year.
The funding round was co-led by Bitkraft and Framework Ventures, with participation from several other firms such as Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures.
Jungle is dedicated to spearheading the blockchain gaming revolution by creating and releasing games that bring the upcoming generation of players onto Web3. Joao Beraldo, Jungle CEO, stated:
“We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled. For Web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry.”
Jungle’s game publishing method is distinct, as it involves procuring and obtaining underused intellectual properties from established game firms. Following this, the company devises the product vision and go-to-market strategy, launching the game with a focus on Web3 distribution, growth, and monetization.
Carlos Pereira, a partner at Bitkraft Ventures, shared his enthusiasm regarding the funding of Jungle:
“We are excited to grow our investment portfolio in Latin America, a region full of some of the world’s most avid and passionate gamers. Jungle is disrupting the current model for building Web3 games by acquiring IP from established game companies, ultimately shipping games at accelerated rates. The team has prior experience working for one of the largest mobile gaming companies in Latin America, and I’m confident this team will put Web3 in Latin America on the map as they launch a gameplay-first focused Web3 mobile shooter later this year.”
When can we expect Jungle to come out?
Jungle’s initial release is scheduled to debut in 2023. Intended for a broad casual audience, the game will incorporate an open-market economy that requires users to opt-in by default.
The game is expected to draw in new and exhilarating audiences worldwide and provide players with the ability to possess and trade assets gathered during gameplay, promoting digital ownership and a free market economy within mobile gaming. The focus will be on the quality of the gameplay, as confirmed by Framework Ventures principal Brandon Potts:
“The open secret in the gaming industry is that there is no shortage of captivating content. Plenty of well-funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules. We find Jungle’s approach towards acquiring and optimizing preexisting games really refreshing. By taking advantage of underutilized IP, we think Jungle could avoid the need to reinvent the wheel when it comes to Web3 game development, allowing them to deploy and adapt quickly across this new, rapidly growing ecosystem. It’s a really innovative approach, and we’re excited to work with the team on implementing this strategy in the wild.”