Brazilian web3 game publisher Jungle has successfully raised $6 million in a seed funding round, with web3-focused venture capital firms BITKRAFT Ventures and Framework Ventures co-leading the investment. Jungle intends to use the funds to expand its team and bring the first game title in its portfolio to market by the end of this year.
Jungle is distinguished in the web3 gaming industry for its unique approach to acquiring underutilized IP from established game companies. The company prioritizes speed, scalability, and capital efficiency in doing so. Jungle develops the acquired IP’s product vision and go-to-market strategy and then launches the title focusing on web3 distribution.
Commenting on the investment, Framework Ventures Principal Brandon Potts emphasized the importance of Jungle’s unique approach in the highly competitive gaming industry. Potts added that Jungle could quickly deploy and adapt to the new and rapidly growing web3 gaming ecosystem by avoiding the need to reinvent the wheel of web3 game development.
Jungle’s first title is a web3 mobile shooter designed for a mainstream audience, set to launch in 2023. It will feature an opt-in by default open market economy, allowing players to own and trade assets collected from gameplay. According to Jungle CEO Joao Beraldo, the online gaming industry must create games where players come for the product experience and stay for the open economy to achieve mass adoption of web3 gaming.
This adds to the struggle of Web3 iGaming companies to reach more and more players, like Web3 lotteries and change games, and Web 3 casino games.