Jungle, a Brazil-based Web3 game publisher, has raised $6M in a seed funding round co-led by venture capital firms Bitkraft Ventures and Framework Ventures, ultimately planning to develop a Web3 mobile shooter.
In addition to Bitkraft and Framework, Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures also participated in the round.
Jungle has yet to reveal the mobile shooter’s name but announced where the money would be used! Funds from the seed round will be used to expand the gaming studio’s development team and eventually develop the Web3 mobile shooter.
Jungle is considering acquiring existing intellectual property (IP) rights from traditional video games rather than building the game from scratch!
The Brazilian startup believes that mobile is the best option for building a Web3 game as it has the most overall users, which means it can potentially onboard a mass audience to Web3!
Talking about Jungle’s strategy: “Our strategy is to identify mobile games, either already live or in the process of being launched, which have the potential to be successfully converted to Web3-first titles and become dominant titles within their genre in the blockchain gaming space,” said, Jungle co-founder and CEO Joao Beraldo to Decrypt.
Beraldo added: “We’re looking for the blue spots in a soon-to-be red ocean. We want to avoid the current competition clusters and forward position ourselves in the genres where we can win.”