Blockchain gaming company Forte has raised $725 million in new capital from gaming companies all around the world.
Kora Management and Sea Capital, the business VC arm of Singaporean gaming and consumer tech company Sea, led the Series B financing. Animoca Brands, Huuuge, Overwolf, and Playstudios are among the other notable gaming supporters in the round.
Forte aims to break away from the present gaming paradigm
Today, Forte revealed that it has raised $725 million in Series B venture funding, adding to its $185 million from a Series A round in May. In a bid to demonstrate how serious Forte is about multichain, Cosmos, Polygon Studios, and Solana Ventures – the startup arm of Solana Labs – all invested in the Series B round.
Forte is developing a platform that will allow game developers to incorporate blockchain features into their games. NFTs would be one example, as well as wallets for keeping them in. The goal, according to Forte, is to break away from the current gaming paradigm.
“In blockchain-powered games, players may truly own items rather than merely making pure entertainment expenditures,” it added in a press release.
It’s now a question of putting things into action. While blockchain-based games already exist, they may be difficult to use. With its additional funds, Forte is seeking to expand its portfolio and recruit additional game developers. It also wants to collaborate with a variety of layer 1 blockchains (such as Cosmos and Solana) and layer 2 protocols (such as Ethereum-based Polygon).
The goal is to attract over 15 million gamers
The game is now invitation-only and in closed testing, but it aims to attract over 15 million gamers who are already engaged with its partners’ titles.
A Series A can assist a company in generating money, but a Series B increases the market by developing infrastructure and services. In May, Forte was valued at $1 billion following its Series A round. With over a billion dollars put up in the first six months of this year, its value today is almost certainly far greater.