Key takeaways
- Avocado Guild, a blockchain game company similar to Yield Guild Games, which is sponsored by a16z, has secured $18 million in a Series A fundraising round.
- The round was co-led by Animoca Brands and QCP Soteria Node (QSN), with participation from Solana Ventures, Three Arrows Capital, Polygon Studios, and others. The funding raises the Avocado Guild’s worth to $200 million in just six months.
- It looks that the round has been severely oversubscribed.
Avocado Guild, a play-to-earn (P2E) blockchain gaming guild, said on Wednesday that it has secured USD 18 million in a Series A fundraising round, boosting the company’s worth to USD 200 million. Animoca Brands and QCP Soteria Node spearheaded the investment, with participation from Three Arrows Capital, Solana Ventures, Polygon Studios, Binance Smart Chain, and GoldenTree Asset Management executives. Along with Solana Ventures, Three Arrows Capital, Polygon Studios, and other participants, Animoca Brands and QCP Soteria Node (QSN) co-led the cycle. The funding boosts the Avocado Guild’s six-month-old worth to $ 200 million.
The funds will be used to expand the company’s technological capabilities and help it migrate to AvocadoDAO, a decentralized autonomous organization. As per Brendan Wong, co-founder, and CEO of P2E, “Avocado Guild arose from the creators’ recognition of the potential for blockchain-based games to better the lives of people all around the world. The unbanked population now has the capacity to transform their life depending on their activities in the virtual world.
Brendan Wong, the CEO, told The Block that this is the company’s first fundraising. Investors, on the other hand, will receive AVG tokens, he stated. AVG is the Avocado Guild’s native token, which has yet to be released.
According to Wong, the Avocado Guild acts as a support network for players. The company’s three principles are to enrich, educate, and empower the community in order for them to have a greater grasp of Web 3.0 technology and its advantages.
According to the deck, the business is on target to generate $ 80 million in sales by the end of this year. The Revenue Execution Rate is a forecasting approach that helps businesses to project their financial success over time using historical profit data.
“The transition from Avocado Guild to AvocadoDAO will slowly allow the community to be in control of how the DAO’s investments and activities are run and the future direction of the Avocado metaverse. We envision that AvocadoDAO will eventually be governed by Avocado token holders in a decentralized and permissionless fashion,” quoted the CEO.
Avocado Guild received investment three months after Yield Guild Games (YGG) secured a $ 4.6 million round led by a16z. According to CoinGecko, the price of the YGG token has surged since its inception, with a current market capitalization of over $ 780 million and a fully diluted worth of approximately $ 9 billion.
This helps to explain why the Avocado Guild’s investment round was overcrowded, with major investors on board.
Wong told The Block, “We believe the game industry to win (P2E) is still in its infancy.”
There are over a billion active players around the world who still need exposure to this incredible movement. The guilds in this space are the engine of the P2E economy. P2E is here to stay and AG s ‘pledges to help build the future of Web 3.0.
Avocado Guild now employs 14 employees, and the company is aiming to grow its technical and operations teams, according to Wong.
Avocado Guild is also in the process of converting to a DAO (decentralized autonomous organization).
