Web3 Game Studio Moonveil Closes $9M Pre-Series A Funding Round

Moonveil Entertainment, a web3 game studio based in the Cayman Islands, has successfully completed a Pre-Series A funding round, raising a total of $9 million in funds to date.

The Layer 2 gaming ecosystem has attracted investment from several blockchain venture capital firms, including Spartan Group, Gumi Cryptos Capital, and HashKey Capital. Other notable contributors to this funding round were Animoca Ventures, Hivemind, and Mask Network.

This recent funding follows an earlier seed round led by P2 Ventures, although the company did not disclose its valuation with this announcement. Since its inception in 2022, Moonveil has been busy developing a Web3 ecosystem that leverages multi-game metrics.

M.J Wang, the co-founder and CEO of Moonveil, stated that this funding will enable the company to redefine industry standards with its top-tier, self-developed products on a ZK-powered Layer 2 chain built using Polygon CDK. He encouraged followers to stay tuned for the release of Moonveil’s flagship games, AstrArk and Bushwhack, along with an upcoming Play-to-AirDrop event for the $MORE token.

The newly acquired funds will primarily support growth initiatives and various experimental projects on the ZK-powered Layer 2 chain. Moonveil is currently developing its titles, with Astrark—an immersive tower defense mobile game—and Bushwhack, set for an imminent release.

Moonveil’s infrastructure solution, including the Polygon CDK and aggregation layer chain, shows great potential for facilitating Web3 adoption in the future. The studio provides an optimized environment for hosting web3 games developed by both third-party creators and its in-house team. The long-term vision is to establish a multi-game metrics ecosystem that features Moonveil’s games, experimental methods, and possibly third-party titles.

While Web3 is currently benefiting from broader trends within the gaming industry, it remains a highly competitive arena. Notably, projects in this sector have garnered a significant portion of crypto venture capital in 2024 so far.

The leadership team at Moonveil consists of gaming veterans with backgrounds at Riot Games, Tencent, Netease, Funplus, and CARV, having previously worked on major titles such as League of Legends, Valorant, Minecraft, and EVE Online.