Faraway, a Florida-based startup developing games by capitalising on blockchain technology to unleash the power of decentralised and player-driven game economies, has raised US$ 21 million in a Series A round co-led by Lightspeed Venture Partners and FTX on 4 November 2021.
Investors: The latest investment round featured FTX and Lightspeed Venture Partners as the lead investor with participation from Solana, Sequoia Capital, Pantera Capital, Jump Capital and Andreessen Horowitz.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards launching its browser-based flagship project Mini Royale: Nations as the first live multiplayer game on Solana.
Brought to existence in 2021 by Alex Paley and Dennis Zdonov, Faraway envisages developing social and enjoyable games with open economies, offering players an authentic voice in how the game unfolds over time and absolute proprietorship of their in-game assets. A significant benefit of the Faraway paradigm is the absence of strict hardware essentials for browser-based games, which reduce the restriction to entry for audiences worldwide. Moreover, such accessibility enables native unification with current Web3 wallets. The firm’s first-person shooter title has received a great response from the players with its highly clan-based and social cooperative and competitive gameplay, which are vital design attributes in conventional perennial games across several classes.
What the Founder has to say: “Blockchain tech will offer new growth prospects for open, player-driven economies and will guide us in the next phase of virtual and gaming worlds. We feel that the browser is the most favourable platform for any blockchain game, particularly short or medium. Players on our platform need not bother about platform owners suddenly banning our game on their interface, as we have begun to perceive giant platform owners. Fortunately, we are financially backed by such outstanding collaborators who not only comprehend the capabilities of Web3 across different markets but are conscientiously propelling businesses further in this domain.”- Alex Paley, Co-Founder of Faraway.
What the Investor has to say: “We are looking for the industry’s most reliable teams to bring the upcoming 100 million users to Web3, and which is most probably in gaming. We are still in the early days of the blockchain gaming era. We are about to witness teams such as Faraway drive gaming into the next level.”- Amy Wu, Partner at Lightspeed Venture Partners.
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