Web3 Gaming Studio L3E7 Raises $10M Funding As It Enters Testing Phase

L3E7, a Web3 gaming studio based in a 3D location, has announced securing $10 million in a funding round.

This funding round happened in two tranches, and it was completed between 2022 and 2023. The angel round for the company was led by LongLing Capital. Additionally, the Series A funding round was led by SevenX Ventures.

L3E7 Raises $10 Million

L3E7 received the support of leading venture capital funds in this funding round. Some of the big players in the Web3 industry that participated include OKX Ventures, Big Brain Holdings, Foresight Ventures, Web3honey, and Vertex Ventures.

The other participants in this funding round include Comma3 Ventures, Meta Labs, Marvellous Creature, Mantle EcoFund, Giantwood, BitValue, LiquidX, Buzzone, and Hailstone Labs.

The angel investors that participated in the funding round include Grail, Sam, Web3honey, Dingaling, Cristian, Elthen, and Cristian.

The 3D location-based (LBS) web3 gaming studio did not reveal the valuation that the company had when this funding round was announced.

Part of the funding raised in these two tranches will go towards growing the L3E7 brand presence in the Web3 industry. The company is also planning to use part of the funding to support its development plans.

L3E7 is also planning to venture deeper into the fast-growing Web3 market, and part of this funding will go towards supporting these plans. The company is planning to leverage the unique appeal of LBS games.

“This infusion of capital will empower L3E7 to fortify its brand presence, elevate game development endeavors, tap into the burgeoning web3 market by leveraging the distinctive appeal of LBS games, and furnish vital financial and industrial resources to underpin future offline business collaborations and IP expansions,” L3E7 said.

L3E7 Enters Its Testing Phase

L3E7 has also announced plans to enter the inaugural testing phase as part of its plans for the Web3 industry. The company has also announced plans to attract the participation of thousands of builders who want to create games on the platform.

The core team behind L3E7 is also working on strategic developments. The team comprises some of the renowned veterans in the gaming industry. These individuals are using data secured from Google Maps and other proprietary technology to improve its gaming offerings. Through technology, L3E7 hopes to create a game that is similar to cyberpunk 3D Earth cities.

The game has also announced a native NFT collection that launched on OpenSea in November last year. This collection has generated 4,412 ETH in volumes. Those holding the NFTs in this collection can receive an early access pass while giving holders access to exclusive benefits.

L3E7 also runs on a player-versus-player platform wherein players can access real-world landmarks and generate rewards depending on their ranking in the game.