Web3 Games Studio Phoenix Games closed the round for $150 mln. Phoenix Group и Cypher Capital. The studio believes that crypto games are approaching the stage of consolidation. This means that in the near future there will be several dominant companies that will buy and finance large startups.
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CEO Phoenix Games Chris Ko sees the studio as a venture fund. He stated that the GameFi market is now at an early stage, and there are still no games that can definitely be called market leaders.
The studio plans to start funding startups as early as this quarter. Part of the funds raised will go towards the acquisition of Web2 for blockchain integration. First of all, the studio is focused on mobile games. Now the markets for console and mobile games are very strong and profitable, which cannot be said about crypto games. Integrating P2E mechanics into well-known products can greatly accelerate the formation of a strong GameFi market.
Phoenix Games is a Web3 games publisher made up of game industry and Wall Street veterans. The company aims to build a portfolio of projects across the spectrum from Web2 to Web 3 by acquiring and investing in a variety of games. Team Phoenix Games consists of Matt Nutt, Chris Koh, Antonio Hallak, Kathal Burke and Rudy Koch.
It is worth paying attention to Chris Ko and Matt Nutt. Matt Nutt COO and co-founder Phoenix Games. Previously COO and Head of Games at Mythical Games. Prior to joining Mythical, he was the group's vice president and general manager. EA Mobile. He previously managed studios Glu Mobile, Cie Games (and was sold to Glu for $100 million in 2014) and held senior positions in Blizzard Entertainment и Square Enix. Chris Ko was Senior Vice President of Corporate Development Mythical Games. He has nearly 20 years of gaming experience and has served as CEO of Electronic Arts и Kabam. Prior to that, he was a portfolio manager at Blackrock and stock market analyst JPMorgan.
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NEW STUDIO FENIX GAMES RAISED $150M IMMEDIATELY. WHO ARE THEY?
Who is not in the know. In 2017, I hung out in the crypto bit games chat. The chat was created by Rudy Koch, ex senior producer at Blizzard and before that he worked at Activision for 5 years. It was his project that inspired me to come up with the CGP idea. In the end, Rudy and John Linden (studio head at Activision) founded Mythical Games and began to raise their hundreds of millions for Mythical's infrastructure unicorn and its showcase game Blankos Block Party.
But time passed, Blankos did not live up to the hopes placed on him, and it seems that this company was generally kicked out of there 🙂 for poor progress. At least Matt Nath, Chris Koh and Rudy Koch.
$250M+ and they don't even have 50k DAU for 4 years of development. For a cool game similar to a mix of Roblox and Fall Guys on its own blockchain, all in the American league, without tokens with a seamless blockchain for web2 gamers and even reported more than 1 million registrations, but in general KPIs are disgusting.
In short, it is not surprising that they are overboard ... But no matter how it is!!! Even a bad experience is an experience, especially in web3. That's exactly what I was talking about in yesterday's post. If anyone can raise funds, then mostly these guys are from strategists.
And the announcement comes out Fenix Games closed the round for $150 million led by Phoenix Group and Cypher Capital.
And who do we have here? CEO - Chris Koh with buddies Rudy Koch and Matt Nut. That's it. Reborn from the ashes.
The studio plans to acquire and finance large new startups. Mobile phones are targeted, as the stability and growth of the market is closer to them.
Fenix Games is a Web3 games publisher made up of game industry and Wall Street veterans. The company aims to build a portfolio of projects across the spectrum from Web2 to Web3. In general, the round and this phoenix of yours look suspicious ...