Last year, companies related to the metaverse — including augmented reality gaming startups — raised at least $10.4 billion. Funding isn’t slowing down this year either. In fact, San Diego-based semiconductor company Qualcomm launched a $100 million venture fund to solely invest in the metaverse earlier this week.
Los Angeles-based Gamefam is one of the many startups leveraging the increased capital in the space. On Wednesday, the company announced it raised a $25 million Series A led by Konvoy Ventures.
Gamefam is a gaming developer and publisher known for games like Star Tower Defense and Tower of Misery played on the Roblox platform. Gamefam also helps creators manage and process their metaverse games by providing them with tools to increase revenue, analyze performance analytics and more.
“Gamefam is a company started by creators to support creators,” Joe Ferencz, CEO of Gamefam, said in a statement. “We have been able to bring together experts from AAA gaming as well as some of Roblox’s top native talent to drive successful revenue growth for our games, create opportunities for brands and build new franchises. We are pioneering a new type of creative media business born from the metaverse.”
Gamefam will use its fresh funding to develop more partnerships and accelerate its revenue. The startup has already worked with big-name companies like Mattel, Disney, Paramount and Sony to further develop their branding and gain traction beyond traditional entertainment channels.
According to the company, Gamefam’s portfolio receives over 25 million visits every day and 75 million hours of gameplay each month.
“Metaverse gaming platforms are a new media vertical for brands,” Josh Chapman, managing partner at Konvoy Ventures, said in a statement. “Gamefam is at the forefront of building and monetizing mass audiences as they continue to deliver entertaining and social experiences for millions of players. We are thrilled to lead their Series A round and be in their corner for this journey.”
