In its seed funding round, LootRush, the Web3 gaming platform, raised $12 million from its trustees.
LootRush, the new US-based Web3 gaming platform, has raised $12 million in funding led by cryptocurrency company Paradigm.
Milestone for LootRush, the Web3 gaming platform.
The primary goal of LootRush’s operations is to “Making a Web3 video game as easy to use as having a mobile device or playing a video game on Steam”, in other words, makes Web3 games more accessible. and more convenient for users
which the company added that financing this time The proceeds will be used to expand the team around the world and buy large quantities of NFT.
In this fundraising Investors including Andreessen Horowitz (a16z), Y Combinator and creators of Axie Infinity, Plaid, Wildlife Studios, Dapper Labs and The Chainsmokers, and Vivi Nevo joined in as angel investors.
“To play video games using Web3 technology, players face high barriers to entry. And as the interest in this type of video game continues to skyrocket. Players are therefore looking for ways to go from intention to enjoyment in a short amount of time. at the lowest possible cost.”
LootRush says, “We’re enabling players to play video games with NFT for 100x less, giving them more flexibility and larger NFT ports for fun.”
What is an “Angel Investor”?
For startups, angel investors It’s like angels – gods – goddesses of them without any distortion because he is raising a new company to have the opportunity to truly shine in the real world by these groups of investors is actually An independent investor who makes a value-focused investment in an early stage business, or to put it simply, is the one who puts the seeds in the ground with their own capital. It is considered to support the business to survive. and have the opportunity to develop themselves.
What is a Seed Round Fundraising?
in general We are all more familiar with Series A, B, C funding. But in reality, one or two more fundraising rounds are held on days when organizations only have a promising business strategy. Capital in the series family rounds, that’s all This fundraising is called Seed Funding.
by seed funding It is the first official public fundraising process. It is typically the first official money raised by a joint venture or organization. which if that company can find enough capital They don’t even need to expand their funding scope to the Series A level or beyond.
However, if the picture is clearer Representing the name of this fundraising round as “Seeds” are like comparing the growth of a business to planting trees. which the financial support in this early stage is considered “Seeds” that will help grow your business And when the business has enough income from the seed, the company and investors Hopefully, the seeds they plant will eventually grow into “trees.”