French blockchain gaming studio bags $10 million in seed funding
Cometh announced a $10 million seed round on Thursday as the Paris-based startup launches its second blockchain-based video game.
Cometh is one of a rapidly growing number of studios dedicated to games built on blockchain technology. The startup creates games that can seamlessly connect with DeFi protocols, such that they come equipped with a suite of crypto-based financial tools. It also makes white label products to help established gaming firms build out crypto functionality.
Venture capital firm White Star Capital, gaming giant Ubisoft and DeFi group Stake Capital led the investment, with Serena Capital, Shima Capital and IDEO Colab Ventures all participating, according to a press release. Cometh did not disclose its valuation.
Gaming is entering “a new era of mass connectivity and digital ownership of playable assets,” Cometh’s founder Jerome de Tychey said in the release.
“Our team builds games that explore the new possibilities offered by blockchain technology along with the tools to enhance traditional games with it,” he added.
Today also marks the public release of the studio’s second title, Cometh Battle. Its first game, which was built on Polygon, amassed over 10,000 players, according to the company.
Cometh has also offered its technology to help brands showcase non-fungible tokens (NFTs). Artist Helena Hauss will be using Cometh to display her work at the Venice Biennale exhibition, for example.
White Star Capital recently drew in $60 million as the ‘first close’ of a planned $120 million second crypto fund focused on DeFi and gaming. Ubisoft served as its anchor investor.
“Today gaming touches many verticals including social media, e-commerce, entertainment and DeFi,” said Sep Alavi, general partner of White Star Capital, in a written statement. “Cometh is building a true end-to-end gaming platform powering the next generation of P2E [play-to-earn] games.”
