SG-based game developer raises $10m for Web3 projects

Singapore-based game developer Mighty Bear Games has closed a US$10 million funding round led by Framework Ventures, with Mirana and Polygon also participating.

Characters from Mighty Bear’s Butter Royale / Photo credit: Mighty Bear

Mighty Bear will be using its fresh funds to launch its blockchain arm, which will develop triple-A Web3 games.

The company was founded in 2016 by Fadzuli Said, Simon Davis, Benjamin Chevalier, and Saurabh Shukul – a team that has racked up experience at firms such as Ubisoft, Disney, LucasArts, and King prior to establishing Mighty Bear. The firm collaborates with intellectual properties and platforms to create multi-platform games such as Butter Royale and Disney Melee Mania.

Davis, who also serves as the company’s CEO, believes that current Web3 games are “lacking the imaginative gameplay and polish” that is usually expected of regular games, with “dull and unrewarding gameplay in exchange for financial gain.” His firm aims to develop a more fun, fair, and natural experience through its new crypto arm.

The startup also announced that it will be launching its multiplayer battle royale game Mighty Action Heroes later this year, which will be its first Web3 title. It will be run on Polygon, a carbon-neutral Ethereum scaling solution.

Mighty Bear will also launch its NFT profile picture collection this summer, which will be featured in its new game. Token holders will have early access to the game, which will let them collect in-game rewards and cosmetic items, give feedback, and become involved in the title’s development.

Other investors in this round include:

• Sfermion
• Dune Ventures
• Sanctor Capital
• Folius Ventures
• Play Future Fund
• Everblue
• Ancient8
• Ready Player DAO
• Razer
• Avocado DAO
• DWeb3

See also: Animoca’s meteoric rise from zombie to $5b Web3 empire