Australia-based blockchain gaming guild Avocado Guild has raised $18 million in its Series A funding round co-led by Animoca Brands and QCP Soteria Node, per media reports.
Other investors participating in the investment were Three Arrows Capital, Solana Ventures, Polygon Studios, and Binance Smart Chain.
The funding round reportedly values Avocado Guild at over $200 million, stated the reports.
Avocado Guild is a community to support play-to-earn gamers of titles such as Axie Infinity. The company will use the funding to expand its operations to other play-to-earn games, and purchase non-fungible tokens (NFTs) and assets in virtual worlds.
Avocado Guild currently has 7,000 members in its scholarship programme, mostly from the Philippines and Indonesia, which it aims to increase to over 10,000 members, according to media reports.
Axie Infinity is the most popular play-to-earn game in Southeast Asia, developed by Vietnam-based blockchain game publisher Sky Mavis. The company has recently raised a $152 million Series B funding round led by US investor Andreessen Horowitz (a16z), at a reported $3 billion valuation.
This month, Thailand-based GuildFi, a Web3 infrastructure developer for games such as Axie Infinity, also snapped up a $6-million seed funding round co-led by DeFiance Capital and Hashed.
In October, Animoca Brands – an investor in both Axie Infinity, Avocado Guild and GuildFi, raised a new $65 million investment conducted at a pre-money valuation of $2.2 billion.
The global video game market was estimated to generate $175.8 billion in 2021, Animoca Brands said.
To tap this enormous opportunity, the company has backed more than 100 NFT-related projects such as OpenSea, Dapper Labs, Bitski, and Star Atlas, among others.