Web3 company Fenix Games raises $150M in a funding round to become a conglomerate Web3 game publisher.
The money raised came from two notable names in the cryptocurrency space, Phoenix Group and Cypher Capital. These companies believe in Fenix’s vision to take over the blockchain gaming industry by investing in or acquiring many titles and game studios.
The actual plan is to create a conglomerate that will acquire various Web2 games and integrate Blockchain into them, ultimately creating an extensive and robust portfolio of P2E games.
In an interview with GamesBeat, Chris Ko, the CEO and Co-Founder of Fenix Games stated the following:
“The market is similar to earlier [mobile gaming at the rise of free-to-play games] but it hasn’t found its Clash of Clans for blockchain games yet. We’re using the VC arm to fund the next generation of games. We’re actually going to start off with a huge base of capital to invest in those studios. We’re also looking to use our balance sheet to acquire a bunch of existing games in the Web2 space to build a portfolio. And that will be the right base for our portfolio.”
Fenix Games dreams of becoming a game publisher at the same level as many other related startups. The Web3 company was founded and started by a group of veterans from gaming, Blockchain, and financial markets, according to GamesBeat.
With not many words, the CEO of Fenix Games explained the vision of the company by saying:
“We plan to acquire, invest, publish, and operate in select cases games and studios. We will have a few hundred million to deploy to execute our strategy,” Chris KO said.