Business News Report
March 13, 2023

Web3 Game Publisher Jungle Raises $6M in Seed Round to Launch Blockchain-enabled Mobile Shooter

In Brief

BITKRAFT Ventures and Framework Ventures co-led the seed round.

Jungle will use the funds to expand its team.

The game publisher’s first title is slated to launch this year.

Brazilian web3 game publisher Jungle has raised $6 million in a seed round co-led by web3-focused VC firms BITKRAFT Ventures and Framework Ventures. Jungle will use the seed funding to expand its team of game developers, designers, artists, and engineers to bring the first title in its portfolio to market later this year.

Additional participants in the round include Delphi Digital, Karatage, Fourth Revolution Capital, Monoceros, 32bit Ventures, Stateless Ventures, Snackclub, and Norte Ventures.

Founded by Joao Beraldo, Giulio Ferraro, and Lucas Kertzman, Jungle takes a unique approach to web3 gaming by acquiring underutilized IP from established game companies, allowing the game publisher to prioritize speed, scalability, and capital efficiency. 

According to a press release shared with Metaverse Post, Jungle develops the product vision and go-to-market strategy of the preexisting acquired IP and then launches the title with a focus on web3 distribution.

In a press statement,  Framework Ventures Principal Brandon Potts said there is “no shortage of captivating content” in the gaming industry, but many “well-funded games and experienced teams have launched into empty rooms due to tough timing, mistuned marketing, or unrealistically ambitious release schedules.” 

“By taking advantage of underutilized IP, we think Jungle could avoid the need to reinvent the wheel when it comes to web3 game development, allowing them to deploy and adapt quickly across this new, rapidly growing ecosystem,” Potts added.

Slated to launch in 2023, Jungle’s first title is a web3 mobile shooter with a gameplay-first focus. The game is designed for a casual mainstream audience and utilizes an opt-in by default open market economy. Bringing digital ownership and free market economies to mobile gaming, Jungle will enable players to own and trade assets collected from gameplay.

“For web3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry,”  said Joao Beraldo, Jungle CEO.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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