Brazil-based startup Jungle raises $6M in a seed funding round

Over the past year, investor interest in the Web3 gaming industry has remained notably high despite the bear market and negative events that have rocked the broader cryptocurrency industry. Jungle, a blockchain gaming startup based in Brazil, recently raised $6 million in a seed funding round.

Jungle raises $6M in a seed funding round

The seed funding round was co-led by Bitkraft Ventures and Framework Ventures. The other venture capital firms participating in the funding round include 32bit ventures, Karatage Stateless Ventures, etc.

The startup will use the seed funding round to create a Web3 mobile shooter game. The team is currently focused on releasing its first title, with the fresh funding directed towards this effort. The company is also looking to grow its team of developers.

Mobile game development is fast growing because it is not as rigid as desktop or console gaming, where companies take years to develop and publish games. Jungle is taking advantage of the ease of developing and publishing mobile games by acquiring intellectual property from existing game studios and integrating them into their blockchain-based mobile games.

The co-founder and CEO of Jungle, Joao Beraldo, said, “Our strategy is to identify mobile games, either already live or in the process of being launched, which have the potential to be successfully converted to Web3-first titles and become dominant titles within their genre in the blockchain gaming space.”

The executive also added that Jungle wanted to be unique from the other Web3 game studios in the market. As such, the company wanted to avoid the current market competition and position itself in the genres where it could grow.

Jungle’s mobile shooter game

Jungle has yet to reveal the name of the first title that the company will release. However, the title will be a mobile shooter game where the players can sell the items as NFTs. This game will also operate using an “opt-in by default open market economy.”

The company is currently focused on bringing Web3 games into mobile devices. It is optimistic that mobile devices are best suited for Web3 games because of access to many users. According to Beraldo, Jungle’s focus on mobile Web3 gaming would enable the company to access a large audience.

As aforementioned, the Web3 gaming industry has not been short of investments over the past year. Nevertheless, traditional gamers and traditional game publishers have directed criticism toward this space. Integrating non-fungible tokens and volatile cryptocurrencies have been the basis of most criticism. However, not all Web2 players are opposed to Web3 gaming.

Bitkraft Ventures spearheaded Jungle’s seed funding round with a partner at the venture capital firm, Carlos Pereira, saying that the company had extensive experience in Web2 and wanted to use this experience to focus on Web3. Pereira said that the company’s experience in Web2 had informed its decision to invest in Web3.