Xterio Raises $40 Million Led by FunPlus, Makers Fund and XPLA

Summary:
• Xterio has raised $40 million from leading names in the industry. We tell you about the platform and its mission to bridge web2 and web3.

Xterio, a platform for creating and distributing games for mobile and Web3 platforms, has secured $40 million in funding. The financing was headed by FunPlus, Makers Fund, FTX Ventures, and XPLA. Other noteworthy contributors included HashKey, Foresight Ventures, Infinity Ventures Crypto, Matrix Partners and Animoca Brands.

The company plans to utilize the funds to create and release its own games, as well as those created by its partners. Also, Xterio plans to keep working on its existing platform and build new, cutting-edge intellectual property (IP) releases. The platform will host a variety of features, including a market and a central hub for social communities.

The Xterio mission

The Xterio platform is the result of collaboration amongst industry leaders in areas such as technology, entertainment, mobile, and free-to-play game development and management. Executives from some of the most well-known gaming companies, including FunPlus, Electronic Arts, Activision Blizzard, Krafton, Jam City, and NetEase, are guiding the development of this project.

The Xterio foundation’s goal is to create, release, and promote first-rate Web2 and Web3 video games and other forms of interactive media. The company’s games are designed with both traditional gamers and Web3 users in mind. There are a number of games under production at the moment, with release date announcements expected this coming autumn. Xterio’s promises to focus on paving the way for genuine player ownership by placing emphasis on high-quality free-to-play games.

Jeremy Horn, one of the company’s co-founders, has extensive experience in the gaming industry. He previously served as Jam City’s Vice President of Strategy. Horn has extensive experience creating and maintaining successful free-to-play social games for numerous platforms.

FunPlus co-founder Yitao Guan will now serve as Xterio’s chief technology officer, directing the company’s strategic and technical product development. Further, Darion Lowenstein, CMO, is a seasoned veteran of the sector with 25 years’ worth of experience. He will oversee all advertising, publishing, and licensing efforts.