Lava Labs raises $10m to become ‘Pixar of Web3’

The start-up is best known for its debut title AFAR, a third-person arcade platform that includes a series of games

Lava Labs                                 
The start-up hopes to build momentum on its blockchain-based gaming platform – Photo: Shutterstock
                                

London-based blockchain gaming platform Lava Labs has raised $10m (£7.5m) from a series of notable investors including Animoca Brands as its valuation soars past $100m.

The start-up, which was founded by Kaya Tilev in 2019, is best known for its debut title AFAR (A Far Away Realm), a third-person, hero-based arcade platform that includes a series of games.

The round was led by Swiss venture firm Dialectic, and also included participation from Merit Circle, Dragonfly, Defiance, Animoca Brands, Razer, Weak Simp Capital, Dapper Labs and Maven 11 as well as notable angel investors.

Lava Labs confirmed the funding will allow the studio to accelerate team growth and develop its gaming platform.

“Pixar of Web3”

According to the announcement, the start-up aims to become “the Pixar of Web3” as it looks to build momentum on its blockchain-based games and acquire new users on its platform.

It’s also preparing a virtual land sale. The firm will offer 10,000 plots of land to its community, in the form of NFTs (non-fungible tokens) which will be available from Q2 of this year.

“Our vision is entirely around ‘fun’ and creating an enduring world,” said Kaya Tilev, CEO of Lava Labs. “We have been inspired by Pixar and Disney throughout our lives, and believe we are in a position to create the next generation of dazzling entertainment through our specialised process.”

“Lava Labs is on a path to become the Pixar of Web3,” said Ryan Zurrer, founder of Dialectic. “It’s led by an extraordinarily creative and talented team, and executing at a mind-blowing pace. When you see the gameplay in AFAR, the immediate reaction is ‘this game and this team are fully next level’.”

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