YGG Raises $13.8 Million From a16z and DWF Labs
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Yield Guild Games (YGG), a leading play-to-earn (P2E) gaming guild, has raised $13.8 million in a funding round led by Andreessen Horowitz’s a16z Crypto fund and investment firm DWF Labs.
Other participants in the round include Sangha Capital Fund, Sanctor Capital, Galaxy Interactive, and angel investor David Lee. YGG did not say how many tokens were sold, but they are estimated to account for more than 35% of its total $25 million asset value in its treasury as of November 2022.
DWF Labs is the investment arm of high-frequency crypto trading platform Digital Wave Finance (DWF). DWF Labs is a multi-stage web3 multi-product ecosystem, providing consulting, cybersecurity, smart contract audit process, debt financing, treasury management and other services as well as trading solutions such as token listing, over the counter (OTC) trading, and liquidity support for different clients through their partners.
DWF Labs aims to support the founders building the future of web3. It has invested in over 50 web3 projects and collaborates with top crypto exchanges such as Binance, ByBit and more.
“We have committed to support YGG as part of our vision towards a blockchain-based economy through web3,” said Andrei Grachev, Managing Partner at DWF Labs. “We are confident that through this token purchase, YGG will continue to innovate and grow the blockchain gaming space as we provide support through this long-term partnership.”
YGG is at the forefront of non-fungible token (NFT) game economies with its partnerships with blockchain-based games like Axie Infinity, The Sandbox, and League of Kingdoms.
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