Blockchain Gaming Startup Secures £26m in Series A Funding

Community-driven Web3 game company Planetarium Labs has raised a $32 million (£26 million) Series A funding round led by Animoca Brands and joined by Krust Universe, Wemade, and Samsung Next, laying the groundwork to lead a generation of Web3 games powered and governed by the community.

Planetarium Labs aims to become a pioneer of open-source, decentralised blockchain games that operate on networks powered by the players.

The company is building a gaming ecosystem based on Libplanet blockchain technology, which allows players to participate in the game network and gives the community a chance to play a major role in open-source content development.

Libplanet played a pivotal role in Nine Chronicles, an open-source online RPG running entirely on its own blockchain. Boasting a community of more than 300,000 players, Nine Chronicles has earned the support of Animoca Brands, Binance Labs, Ubisoft, and The Sandbox.

With its extensive blockchain-based ecosystem development and publishing expertise, Planetarium Labs is working closely with major game studios from the APAC region to launch multiple community-driven game initiatives this year.

In addition to bringing in fresh capital, the investment round highlights the powerful and strategic backing that Planetarium Labs has attracted. Valued at over $5.8 billion (£4.5 billion), Animoca Brands specialises in gamification and blockchain, and with the mission to advance digital property rights and decentralised projects to help build the open metaverse.

The funding round also establishes an extensive partnership network for Planetarium Labs throughout Asia, including with Krust Universe, the investment arm of South Korean tech giant Kakao, and Wemade, the global publisher of play-to-earn MMORPG MIR4 on the WEMIX platform.

Yat Siu, Co-founder and executive chairman of Animoca Brands, said, “We strongly believe that the future is massive decentralised worlds in an open metaverse, which is why we are delighted to support Planetarium Labs’ vision of community-centric blockchain games that empower players with creative freedom and full digital rights.”

Planetarium Labs will allocate the infusion of funds to build out fundamental tools for community-driven gaming and player governance while enabling key studios to deliver increasingly sophisticated Web3 gaming experiences. The company plans to focus on continuously improving the Libplanet ecosystem for decentralised gaming, and introduce several initiatives like ecosystem fund and community support programs to foster participation and drive continued growth.

Jaesuk Kim and Kijun Seo, Co-CEOs of Planetarium Labs, said, “The future of gaming is moving in a direction where the players and the community collaborate on a shared vision, and we are delighted to onboard our partners to realise together our vision of games owned and shaped by the community. We are sending our invites to creators and players to build and share their own unprecedented, decentralised gaming experiences.”