US-based startup Forte raises US$ 185M in Series A funding round

US-based Forte, an organization that is building a blockchain-based economic platform for video games, raised US$ 185M in a Series A funding round on 20 May 2021.

Investors: The funding round was led by Griffin Gaming Partners. Other participants included new and existing investors including Union Grove Venture Partners, Andreessen Horowitz, Battery Ventures and Canaan. The Series A funding values the organization at US$ 1B.

Purpose of the funding: The funds raised will be utilized by the company to accelerate the development of its end-to-end blockchain platform, which lets developers create fungible and non-fungible tokens (NFTs) and build scalable token-based game economies.

About Forte

Founded in 2019 by Brett Seyler, Josh Williams, Kent Wakeford, Kevin Chou and Mahesh Vellanki, Forte is building economic technology for games using blockchain. The end-to-end platform enables the emergence of community economics. It is a system where the interests of game developers and players are aligned, leading to healthier, sustainable game communities.

Forte is currently working with 25 acclaimed game developers from across the industry to reimagine the economics of games. It is currently invite-only and in private testing. Some of Forte’s game projects in active development include new experiences from industry pioneers such as Will Wright, creator of The Sims, and Jeff Tunnell, founder of Dynamix. Some of its announced developer partners include nWay, GC Turbo, Other Ocean, Kongregate, Magmic, and DECA Games.

What the CEO has to say: “Video games play a vital part in billions of people’s lives, yet fairly monetizing them is harder than ever. We envision a sustainable and equitable ecosystem for games and are building the necessary infrastructure to make it possible. We’re incredibly fortunate to work with Griffin Gaming Partners and others who share our vision, and are helping us more quickly bring our technology to game developers, players, and fans around the world.” –said Josh Williams, Forte’s Cofounder and CEO.

What the investors have to say: “We focus on investing in businesses in the massive and growing digital economy and have spent significant time analyzing disruptive technologies such as blockchain. Having met with dozens of companies at the intersection of blockchain and games, we believe Forte’s unique technology platform, go-to-market strategy, and deep expertise in both games and blockchain enables their authentic approach and distinguishes them as a trustworthy partner for developers for this exciting journey.” — Nicholas Tuosto, Co-Founder of Griffin Gaming Partners and Managing Director of LionTree.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

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