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Web3 Gaming Company Saltwater Raises $5.5M Seed Funding

February 3, 2024 | by stockcoin.net

web3-gaming-company-saltwater-raises-55m-seed-funding

Web3 gaming company Saltwater Games has recently announced that it raised $5.5 million in seed funding. As part of its expansion plans, Saltwater has acquired gaming developers Maze Theory, Nexus Labs, and Quantum Interactive, which are known for their popular games such as Doctor Who and Peaky Blinders. The funding round was led by crypto investment firms Deus X and Fourth Revolution Capital (4RC), with Tim Grant, CEO of Deus X, set to become Saltwater’s chairman. The funding will be used to increase the company’s workforce, invest in new technology, and expand its operations into new territories.

Web3 Gaming Company Saltwater Raises $5.5M Seed Funding

Saltwater Closes Seed Round

Saltwater Games, a web3 gaming company, has successfully closed its seed funding round, raising a total of $5.5 million. This funding will enable the company to further expand its operations and develop its technology stack.

Acquisition of Gaming Developers

As part of their growth strategy, Saltwater Games recently acquired three prominent gaming developers: Maze Theory, Nexus Labs, and Quantum Interactive. These companies bring with them a portfolio of successful games, including popular titles such as Doctor Who and Peaky Blinders. This acquisition will significantly enhance Saltwater’s capabilities and strengthen their position in the gaming industry.

Investment Firms Leading the Funding Round

The seed funding round was led by two notable investment firms: Deus X and Fourth Revolution Capital (4RC). Deus X, launched in October with substantial backing from a family office and $1 billion in assets, is headed by Tim Grant, the former head of EMA at Galaxy Digital. The involvement of these investment firms not only provides financial support to Saltwater but also brings valuable expertise and industry connections.

Tim Grant Becomes Chairman

As part of the seed funding deal, Tim Grant, CEO of Deus X and an experienced leader in the digital asset financial services sector, will assume the role of chairman at Saltwater Games. With his extensive background in the industry, Grant is well-positioned to guide the company’s strategic direction and support its growth initiatives.

Plan to Use Funding

The funds raised in the seed round will be allocated towards several key areas. One of the top priorities for Saltwater is to increase their headcount, allowing them to expand their team and scale their operations. Additionally, the funding will be used to invest in new technologies, ensuring that Saltwater remains at the forefront of innovation in the web3 gaming space. Lastly, the company plans to use the funding to fuel its expansion into new territories, reaching a broader audience and establishing a global presence.

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Web3 Attribution Platform Partnership

Saltwater Games has also formed a strategic partnership with Spindl and AppsFlyer, two leading web3 attribution platforms. This collaboration aims to enhance blockchain gaming analytics, enabling Saltwater to gain valuable insights into user behavior, engagement, and monetization. By leveraging the advanced analytics capabilities provided by these platforms, Saltwater will be better equipped to optimize its games and deliver an exceptional gaming experience.

Disclosure

Readers should note that CoinDesk, the source of this information, maintains strict editorial policies and operates independently despite being a subsidiary of Bullish group, which owns Bullish, a regulated digital assets exchange. CoinDesk was acquired by Bullish group in November 2023 and continues to deliver news and analysis on cryptocurrency and digital assets while upholding journalistic integrity.


Saltwater Closes Seed Round

Amount Raised

Saltwater Games has successfully raised $5.5 million in its seed funding round. This significant investment will provide the company with the necessary resources to expand its operations and accelerate its growth in the web3 gaming industry.

Expansion Plans

With the newly acquired funding, Saltwater Games plans to embark on an ambitious expansion strategy. The company aims to increase its market presence and penetrate new markets by developing and launching innovative games. Additionally, Saltwater will focus on strengthening its existing partnerships and forming new collaborations to support its growth objectives.


Acquisition of Gaming Developers

Maze Theory

Saltwater Games’ acquisition of Maze Theory, a renowned gaming developer, brings a wealth of expertise and successful game titles to the company’s portfolio. Maze Theory is known for its immersive storytelling approach and has developed games based on popular franchises such as Doctor Who.

Nexus Labs

The acquisition of Nexus Labs further enhances Saltwater’s capabilities in the gaming industry. Nexus Labs has a strong track record of creating engaging and interactive games, with a particular focus on leveraging emerging technologies. This acquisition will contribute to Saltwater’s ability to deliver cutting-edge gaming experiences.

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Quantum Interactive

Quantum Interactive, another key addition to Saltwater Games, brings a diverse range of gaming expertise to the company. Their portfolio includes successful titles and a deep understanding of player preferences. This acquisition will enable Saltwater to better cater to the needs and preferences of its target audience.


Investment Firms Leading the Funding Round

Deus X

Deus X, one of the investment firms leading Saltwater’s seed funding round, is a prominent player in the crypto investment landscape. With significant assets under management and strong industry connections, Deus X brings valuable resources and expertise to support Saltwater’s growth and development.

Fourth Revolution Capital (4RC)

Fourth Revolution Capital (4RC) is another key contributor to Saltwater’s seed funding. As an investment firm specializing in disruptive technologies, 4RC’s involvement signifies the potential and importance of web3 gaming in the broader market. Through this partnership, Saltwater can leverage 4RC’s industry knowledge and network to gain a competitive edge.


Tim Grant Becomes Chairman

Background of Tim Grant

Tim Grant, an experienced executive in the digital asset financial services sector, brings a wealth of knowledge and expertise to Saltwater Games. With his previous tenure as the head of EMA at Galaxy Digital, Grant has extensive experience in the cryptocurrency and blockchain space.

Role in Saltwater

As part of the seed funding deal, Tim Grant will assume the role of chairman at Saltwater Games. His industry insights and strategic vision will be instrumental in guiding the company’s growth and expansion plans. With Grant’s leadership, Saltwater Games is well-positioned to capitalize on the opportunities presented by the web3 gaming industry.


Plan to Use Funding

Headcount Increase

One of Saltwater Games’ primary goals is to increase its headcount to support the company’s expansion plans. By scaling its team, Saltwater aims to strengthen its development capabilities and accelerate the pace of innovation. The additional talent will contribute to the creation of high-quality games and the continuous improvement of existing titles.

Investment in New Technology

As a leading web3 gaming company, Saltwater recognizes the importance of staying at the forefront of technological advancements. With the investment from the seed funding round, Saltwater will allocate resources to research and development, exploring emerging technologies and integrating them into its game development process. This investment will allow Saltwater to maintain its competitive edge in the rapidly evolving gaming industry.

Expansion into New Territories

With the financial resources provided by the seed funding, Saltwater Games plans to expand its operations into new territories. By entering new markets, Saltwater will be able to reach a broader audience and tap into different player demographics. This expansion strategy will support the company’s long-term growth objectives and position Saltwater as a global player in the web3 gaming space.


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