Singapore-based Web3 gaming startup Gomble Games has secured a $10 million funding round, Investing.com has learned.
The fresh capital injection was led by an impressive roster of venture capital firms, including Binance Labs, Spartan, Hashed, Shima Capital, Animoca Brands, Altos Ventures, IOSG Ventures, Foresight Ventures, BigBrain Holdings, and others. It marks a major move towards the convergence of traditional gaming and blockchain technology.
GombleGames focuses on developing casual games on the blockchain, prioritizing the core enjoyment of gaming rather than just financial rewards. This strategy ensures that users find more joy and engagement in the gaming experience.
Founded as a spinoff from the game studio 111%, which is known for viral hits such as Random Dice and BBTAN, Gomble Games improves gaming experiences by incorporating blockchain into casual gaming. This approach not only promises to bridge the gap between conventional and blockchain gaming but also to introduce a new model of player engagement and economic sustainability within games, the company says.
“At Gomble Games, we firmly believe in the power of collaboration and community in game development. Our vision is to create accessible games that are not just played but lived, where every player’s input shapes the world they immerse themselves in through very easy and engaging casual gaming experience,” said Chris Chang, Chief Business Officer at Gomble Games.
“This funding is a heartening testament to our commitment to bring the best of web2 gaming into the blockchain realm, focusing on an enhanced gaming experience, a sustainable economy, and motivated participation,” Chang added.
Gomble Games’ approach is centered around three core principles: Dynamic Change, Reversal Opportunity, and Simplicity. These principles are said to ensure an engaging, evolving game experience that rewards player involvement.
Moreover, the company plans to establish a participatory DAO (Decentralized Autonomous Organization), further blurring the lines between players and creators by giving users a say in marketing, game production, and other aspects of the business.
Kelvin Koh, Co-founder of Spartan, said the involvement of venture capital heavyweights signals strong confidence in Gomble Games' vision.
“With the boom in mobile gaming, we believe that hypercasual mobile games would be one of the main drivers of users into web3. The crypto-native Gomble Games team adeptly leads this charge as they combine the technical know-how to build addictive game loops with a deep understanding of the web3 gamer community.”
Gomble Games CEO Jihoon Byun, previously the COO at 111%, boasts a lengthy career that spans across Web2 and Web3 technologies with roles at leading firms such as Google (NASDAQ:GOOGL), SK Telecom, Kakao Brain, and various cryptocurrency exchanges.
After the extraordinary bull run in 2022, it was little surprise that 2023 turned out to be a challenging year, seeing a significant drop in announced funding to $1.7 billion, from the highs of over $5.3 billion in 2022 and $4 billion in 2021.