Business News Report
January 26, 2024

Mon Studios Raises $1.35M in Funding to Boost MMORPG Spellborne’s Development

Mon Studios Raises $1.35M in Funding to Boost MMORPG Spellborne's Development

Developer of the massively multiplayer online role-playing game (MMORPG) Spellborne, Mon Studios raised $1.35 million in strategic financing round led by 32-Bit Ventures, Momentum 6, Yunt Capital, D64 Ventures, County Capital, and saw participation from Animoca Brands, YGG, Faze Clan, Immutable, Tatsumeeko.

The company intends to utilize the newly acquired funds to grow its team, advance the development of the Spellborne game, and further its mission of creating enjoyable casual games.

Spellborne is a retro-inspired massively multiplayer creature-collection adventure. The game narrates the journey of three children from the city of Isogashi, as they embark on an adventure to pursue their objectives in a world filled with magic and monsters. Throughout their journey, they face various challenges, the most formidable being the guardians. Once awakened, these guardians possess the potential to unleash massive destruction.

The game showcases a storyline with elements of politics, friendship, and deceit. Players will come across numerous original characters, providing opportunities to interact with and explore their distinct personalities. The narrative is open-ended, offering multiple routes for players to explore and shape the unfolding story.

Founded in 2022, Mon Studios specializes in developing games with social features, puzzle elements, and high-quality pixel art. Last year, the company underwent a rebranding, shifting the focus from merely constructing a basic game to establishing a strong intellectual property (IP) that spreads across multiple social channels and games. Alongside this, improvements were made to game mechanics and the user interface for an enhanced gaming experience.

The company further intends to expand its intellectual property (IP) into various domains, including toys, social media, games, and Trading Card Games (TCG), among other areas, showcasing the capabilities of its custom game framework. This initiative will involve the release of multiple titles across different genres, coinciding with the launch of its token.

Global MMORPG Market Grows 

The global market for MMORPG games is expected to experience substantial growth, with a projected compound annual growth rate (CAGR) of 10.50% from 2023 to 2028.

Last year, South Korean blockchain gaming platform WEMIX, in collaboration with Mirana Ventures, an investment division under Bybit, has launched a fund with the objective of supporting blockchain gaming companies exhibiting potential.

A portion of the fund, specifically $6.4 million out of the total $30 million, has already been allocated to support five recipients actively engaged in the development of games spanning various genres, such as MMORPG, card battle and sports.

With the new investment, Mon Studios is set to propel the development of Spellborne, charting a course for further growth and innovation in the gaming industry.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

More articles
Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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