UAE-Based Fenix Games Raises $150M in New Funding Round

Fenix Games expects to use its $150M funding to expand its services.

Fenix Games, the United Arab Emirates-based Web 3.0 games publisher established in 2022, has secured $150 million in fresh funding.

According to the report shared by the news portal VentureBeat, the company is set to use its funding to purchase, invest and distribute blockchain games. On top of that, Fenix Games are expecting to use the money to launch a game publishing platform designed exclusively for blockchain game integration.

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Fenix Games’ funding round received support from Phoenix Group and Dubai-based venture capital firm Cypher Capital.

When talking about his company, Fenix Games co-founder and CEO Chris Ko stated that the company functions as “a VC fund” aiming to fund a new generation of blockchain gaming. Ko expanded on his plan for the future, stating:

We’re actually going to start off with a huge base of capital to invest in those (next-generation gaming) studios. We’re also looking to use our balance sheet to acquire a bunch of existing games in the Web2 space to build a portfolio.

The news report noted that Fenix Games hopes to tie together “game market economies and live operations” to offer publishing services to all game models, including premium, blockchain gaming across platforms, and free-to-play. On top of that, Ko added:

I see a huge gap right now with various developers experimenting with game infrastructure, middleware, and more. There isn’t anyone really filling the publisher role and trying to figure out how you go to market successfully. By taking a publishing approach, we abstract ourselves from the technologies. We play Switzerland when it comes to technology and we mitigate risks.

Chris Ko has significant experience in the gaming industry. Before becoming the CEO of Fenix Games, Ko worked as senior vice president of corporate development for Mythical Games. It is worth noting that Fenix Games is co-founded by Chris Ko, Rudy Koch, Antonio Hallack, and Matt Nutt.

by Gile K. – Crypto Analyst, BitDegree

SOURCE: COIN JOURNAL