Gameplay Galaxy Secures $11.17 Million in Seed Extension Round

Gameplay Galaxy, a web3 game development studio founded by the creators of the popular Trial Xtreme bike racing series — boasting over 300 million downloads — has raised $11.17 million in a seed extension round.

Blockchain Capital and Merit Circle co-led the financing while several smaller investors opted for anonymity, as disclosed by Gameplay Galaxy founder and CEO Doron Kagan to The Block.

Gameplay Galaxy initiated the fundraising process for this seed extension round in May and wrapped it up last month. The round, structured as an equity round with token warrants, has raised the firm’s valuation to $71 million.

With this extension, Gameplay Galaxy’s total funding now reaches $24 million, following a prior $12.8 million seed round in September 2022.

What is Gameplay Galaxy?

Founded by Kagan in 2022, Gameplay Galaxy builds on the legacy of his earlier company, Deemedya. Established in 2010, Deemedya released several successful free-to-play web2 mobile games, including the Trial Xtreme series, Rope Escape series, Game of Winds, and Magic Touch, collectively amassing over 300 million downloads and generating tens of millions in revenue.

Kagan led Deemedya until 2022 and is now channeling his focus into Gameplay Galaxy. “After 20 years in the free-to-play industry and two successful exits, we saw blockchain as the natural evolution for the gaming industry,” Kagan stated. “With strong conviction, we reimagined our successful Trial Xtreme brand within a web3 ecosystem for extreme sports games.”

Gameplay Galaxy is developing Trial Xtreme Freedom as its inaugural web3 game. Kagan emphasizes that the studio’s approach integrates web3 features into the gameplay without paywalls or barriers. “Players can engage with web3 elements at their own pace, enhancing their connection to the game and the overall gaming experience,” he explained.

Key features of Trial Xtreme Freedom

• Track Ownership: Players can host their own tournaments and events.
• Bike Crafting and Upgrades: Players can craft, upgrade, and own bikes, earning tokens through gameplay.

Currently, the game is in the tech soft launch phase, with a full launch anticipated in the first quarter of next year, aligned with token issuance. Kagan noted, “We are working in stages, focusing on player experience and app store compliance before a full global release.”

Gameplay Galaxy Plans

The California-based studio employs 53 remote workers and is looking to fill 10 additional positions as it gears up for launch and expansion.

“In the coming months, as we expand into more countries and integrate web3 features, we’ll introduce a new model that allows major brands and KOLs (key opinion leaders) to become stakeholders in our project,” Kagan mentioned.

The Funding newsletter: Stay updated on the latest crypto funding news and trends with my bimonthly newsletter, The Funding. It’s free. Sign up here!