Moonveil secures $9 million in extended Pre-Series A funding

Moonveil to enhance web3 gaming with new infrastructure and community initiatives.

Key Takeaways

• Moonveil has raised a total of $9 million in funding following a Pre-Series A round.
• The funding will support infrastructure development and community building for Moonveil's web3 gaming platform.

Layer-2 gaming ecosystem Moonveil has completed a Pre-Series A funding round, raising its total funding to $9 million.

The round saw participation from prominent blockchain venture capitals including Spartan Group, Gumi Cryptos Capital, HashKey Capital, Animoca Ventures, Hivemind, and Mask Network.

According to Moonveil’s announcement, the funding will primarily be used for the development of Moonveil’s infrastructure and community-building efforts. Additionally, the company plans to enhance its user acquisition strategies targeting Web3 users and GameFi players.

A recent report by DappRadar highlighted that the gaming ecosystem showed over 4 million monthly unique active wallets in July. This is over four times the activity registered in July 2023 by the blockchain gaming sector.

However, it lost its position as the most active blockchain sector in the blockchain industry after over a year of holding it, as artificial intelligence applications rose in popularity last month.

Moonveil’s platform, built using the Polygon CDK, is spearheaded by industry veterans from Riot Games, Tencent, Netease, Funplus, and CARV. The team is currently developing games like AstrArk and Bushwhack, aiming to set new standards in web3 gaming with rapid delivery and community-driven development.