At the end of November we wrote about the new studio Phoenix Games, then the new studio closed the round for $150 million. And so this story continued. This time in court.
Mythical Games sued three former executives for breach of duty while working for the studio. The lawsuit was filed against senior vice president Chris Koh, chief operating officer and head of gaming Matthew Natta and co-founder Rudy Koch, who allege Mythical stole the studio's fundraising plans and invested $150 million in their new studio Phoenix Games while still working on Mythical Games.
Last year, Co, Nutt and Koch were tasked with raising investors for the venture arm. MythicalMythical Ventures. After each separately announced their departure from the studio, the executives announced that Phoenix Games received funding from Cypher Capital, a lead investor the executives worked with previously to raise investment for Mythical Ventures.
Mythical Games sued Ko, Natta, and Koch for 10 counts, including fraud and breach of contract. In addition, the lawsuit requires executives to return stolen funds that were sent to Phoenix Gamesas well as damages and penalties.
Last year, Mythical raised $150 million in a Series C led by cryptocurrency venture capital a16z. However, last month the studio fired 10% of its staff under the pretext that the crypto winter was the reason.
Subscribe to our telegram channel and go to our main chat to discuss the latest news.