Circle of Games, a Web3 multi-gaming platform, has raised $1 million in funding from investors Nazara Technologies and The Hashgraph Association, it announced on 17th April. signalling a resurgence in the Web3 gaming sector.
Money Control mentioned that according to an exchange filing by Nazara Technologies, the company is investing up to $500,000 in Circle of Games through its Dubai subsidiary, acquiring 5 per cent share capital of the gaming start-up in return for 1,273 preferred shares. Additionally, Nazara Dubai will receive 3.5 per cent share capital as advisory shares, totalling 891 preferred shares.
The Hashgraph Association, a Swiss-based non-profit organization dedicated to advancing the adoption of the Hedera network globally, has also contributed to the funding round. Hedera, a distributed ledger technology, stands as a cornerstone in the development of the Circle of Games’ platform.
The infusion of capital will enable Circle of Games to advance its go-to-market strategy, enhance platform capabilities, and expand its global presence across key regions such as the US, European Union, Middle East, and Africa throughout the current year.
Founded in 2022 by Rabilal Thapa, Rajeeb VC, and Rohit Tiwari, Circle of Games specializes in developing casual and skilled-based games on the blockchain, integrating play-to-earn reward mechanics. The company currently has a portfolio of six games and aims to expand its offerings to over 10 games by Q4 2024, targeting a global audience within the casual and hyper-casual gaming community.
With over 250,000 registered users, Circle of Games has partnerships with leading Web3 projects and ecosystems worldwide, including Chingari, Solana, Foundership, KGeN/IndiGG Metarun, TheFishVerse, and Ninja Games. These collaborations grant the company access to a community of over 500 million gamers across more than 50 countries.
Headquartered in the British Virgin Islands, Circle of Games plans to launch its native token, $COG Token, by the end of Q2 2024. Circle of Games CEO Rabilal Thapa expressed gratitude for the support and guidance offered by Nazara Technologies and The Hashgraph Association, emphasizing their contributions to the company’s growth.