MyPrize, an online crypto casino supporting multiplayer games, has emerged from stealth with $13 million in funding.
The funding was realized via two rounds and brought MyPrize’s valuation to $140 million based on its fully diluted equity capitalization and the implied fully diluted value of warrants, the startup said Tuesday.
The two rounds were structured as equity with token warrants, MyPrize co-founder Zach Bruch told The Block — adding that the first round, worth $5 million, closed last October and the second round, worth $8 million, closed this month. MyPrize doesn’t have formal names for the rounds, such as pre-seed or seed, Bruch added.
The two rounds were led by Dragonfly and Boxcars Ventures, respectively, and saw participation from a16z Scout, Mechanism Capital, Arrington Capital, Breed VC, JST Capital, 2 Punks Capital and others. Angel investors, including Pudgy Penguins’ Luca Netz, Blockchain.com’s Peter Smith, Sei Labs’ Jeff Feng, Jack Entertainment’s Steve Rosenthal, and Spencer Noon, also joined the rounds.
What is MyPrize?
MyPrize is a web3 gaming startup that also supports streaming, allowing users to collaborate and play together.
“MyPrize takes all of the fun of the existing single-player online gaming market and makes it multiplayer,” Bruch said.
Before starting up MyPrize, Bruch co-founded the NFT platform Recur, which shut down last August, citing “unforeseen challenges and shifts in the business landscape.” Recur raised $50 million at a $333 million valuation in a round led by Digital, a metaverse investment fund backed by billionaire Steve Cohen’s family office.
A month after Recur’s shutdown, Bruch co-founded MyPrize in September. He said the MyPrize platform is launching in early access mode today and will last several weeks. Bruch added that the platform’s general launch is expected within the second quarter of this year.
MyPrize has two websites, one for U.S. users and the other for non-U.S users. The U.S. site is a free-to-play social casino, and the global site is a real money crypto casino, Bruch said.
MyPrize points
MyPrize also launched its rewards program today that will offer early users points called XP. Users across both U.S. and non-U.S. sites can earn XP, Bruch said, adding that they can also participate in a prize pool of $100,000.
“Prizes are given primarily based on the number of referrals a user has,” he said.
When asked if XP points will be converted into MyPrize’s token, Bruch said he can’t comment on the token model yet.
Source: The Block
