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Saturday, February 24, 2024
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Andreessen Horowitz Leads $150M Round for ‘Axie Infinity’

Axie Infinity/Design: Alex Brooks

Crypto-based game “Axie Infinity” has exploded in popularity this year, and now its developer Sky Mavis has a massive valuation to prove it.

The company is valued at close to $3 billion after raising $150 million in a Series B round led by Andreessen Horowitz, per The Information.

This development comes as the game’s native AXS token reaches all-time high prices, and shortly after a report that Andreessen Horowitz is raising a gaming-focused fund.

“Axie Infinity” is a blockchain-enabled play-to-earn title where players battle and collect animated monsters that double as NFTs. In-game transactions are set to bring in $1 billion in revenue this year, with around $2 billion generated in total since “Axie Infinity” launched in 2018.

  • The game’s active user count reached 1.85 million on Monday, a 4,500% increase since April.
  • Sky Mavis takes a 4.25% commission fee on in-game transactions.
  • The company’s last funding round before this was a $7.5 million Series A in May, which included Dallas Mavericks owner Mark Cuban and Reddit co-founder Alexis Ohanian.

All of this is familiar territory for Andreessen Horowitz, which led a $150 million funding round for Roblox in February 2020 and contributed to a $250 million investment in NBA Top Shot creator Dapper Labs this year.

The firm also established a $2.2 billion fund in June for blockchain-based startups.

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