Exclusive: Web3 game studio Moonveil wraps up $9M Pre-Series A funding round

Investing.com - Moonveil Entertainment, a Cayman Islands-based web3 game studio, has completed a Pre-Series A funding round, bringing cumulative funds raised to $9 million, Investing.com has learned.

The gaming Layer 2 ecosystem has onboarded blockchain venture capital firms, including Spartan Group, Gumi Cryptos Capital, and HashKey Capital to bankroll its latest capital injection. Other investors in the round included Animoca Ventures, Hivemind, and Mask Network. 

This follows a previous seed round funded by P2 Ventures. However, the company did not disclose a valuation as part of today’s announcement. Since its establishment in 2022, Moonveil has created a Web3 ecosystem incorporating multi-game metrics.

“With this funding, Moonveil is set to redefine industry standards through our top-tier, self-developed products on a ZK-powered Layer 2 chain built with Polygon CDK. Stay tuned for Moonveil’s flagship games, AstrArk and Bushwhack, and the upcoming $MORE token Play-to-AirDrop event,” M.J Wang, the co-founder and CEO of Moonveil, told Investing.com.

The new funds will be used to fund growth initiatives and several experimental projects on a ZK-powered Layer 2 chain, powered by Polygon CDK. Moonveil is developing its own games, with the first two titles Astrark, an immersive tower defense mobile game, and Bushwhack, set for release soon.

The Polygon CDK and aggregation layer chain solution show a lot of promise at the infrastructure level and could make Web3 adoption a reality in the future, the company said.

Moonveil provides an optimized environment for hosting web3 games created by third-party developers and its in-house gaming studio.  In the long term, the developer plans to create a multi-game metrics ecosystem that includes its own games, experimental methods, and possibly third-party games.

While Web3 is currently riding the wave of trends in the broader gaming industry, it remains highly competitive. Companies and projects in this space have raised the largest share of crypto VC capital in 2024 so far.

Moonveil’s leadership team is made up of gaming veterans formerly with Riot Games, Tencent, Netease, Funplus, and CARV. The founders worked previously on major titles such as League of Legends, Valorant, Minecraft, and EVE Online.