CryptoKitties Raises $12M In VC Funding
This Tuesday the app announced their Series A round, which was run by venture capital firm Andreessen Horowitz, whose has a variety of tech companies in its portfolio, and Union Square Ventures. These firms have been investors in other crypto-related ventures such as exchanges (Coinbase) and other service providers.
Axiom Zen said in its message that its other angel investors include Coinbase co-founder Fred Ehrsam, Zynga founder Mark Pincus, and AngelList founder Naval Ravikant, along with notable figures at BitFury, Y Combinator, Tinder, Earn.com, Lending Home, Compound VC, Entrepid, and Hex Capital.
Even WikiLeaks got involved with CryptoKitties, which added more legitimacy to this Ethereum-based project. Currently, the company has gathered US$12 million in VC funding. Although the team has not given details about what it will do with the money, it appears they will keep developing their project and their marketing strategy.
But in spite of this long list of prominent investors, it remains to be seen whether they can add more value to blockchain world. At the moment, a majority projects are focused on hastily making their specific kind of value, hoping to attract VC investors. In this regard, a few projects have been quite successful, though their real-world value is rather questionable.
Whether CryptoKitties will bring change or not to the world remains to be seen. For the time being, these digital tradable cats don’t have much of a purpose. But the firm is in high spirits, and hopes that it can turn its brand into a product that would interest bigger enterprise partners and new ventures.