Switzerland-based Xterio announced that it has raised $40 million in a funding round led by FunPlus, Makers Fund, FTX Ventures, and XPLA. The Swiss company also saw investments from HashKey, Foresight Ventures, Infinity Ventures Crypto, Matrix Partners and Animoca Brands.
Xterio aims to develop and publish high-quality Web3 games across multiple platforms, the main focus being the mobile market. The names behind the platform have worked at FunPlus, Electronic Arts, Activision Blizzard, Krafton, Jam City, NetEase, and other top gaming brands. across “technology, entertainment, mobile and free-to-play game design and operations.”
The company’s Co-founder, Jeremy Horn, is the ex-VP of Strategy of Jam City and he comes with expertise in developing and sustaining free-to-play social games across multiple platforms. The management team also includes Yitao Guan (Co-founder of FunPlus) as the company CTO, and Darion Lowenstein, a 25+ year industry veteran as the CMO.
Jeremy Horn of Xterio shared the following comments about the funding:
“At Xterio, we are building an amazing games platform that bridges how people play today with the power of Web3 for tomorrow. We believe that gameplay is enhanced by ownership, but we are most interested in creating long-lasting franchises and rich gameplay experiences.
“We will build our games to be fun and engaging for both traditional gamers and the Web3 audience in a way that any type of player can enjoy.”
Chris Petrovic, Chief Business Officer at FunPlus, and also a council member of the Xterio Foundation also commented:
“Games and interactive entertainment are always at the forefront of innovation, and FunPlus has a 10-year history of innovating across web and mobile. Our belief is that Web3 has the potential to provide consumers and content creators with new ways to create, distribute and engage.
“Xterio has the right team, the right technology and the right approach to be builders in these early days of creating the next generation developer and publisher designed for the Web3 era.
“They understand that ultimately the entertainment value of experiences must come first to truly deliver the promise of Web3 in the long run.”
Xterio will use this major funding to continue working on creating “the next great cross-platform Web3 franchises”.