Blockchain game studio Faraway has raised a total of $30 million in investments to develop browser-based games on the Solana ( SOL ) network .
The Miami-based company announced this Thursday (4) that it had raised $21 million in a “A-series” fundraising round (to optimize its user base and product offering), led by Lightspeed Venture Partners and the brokerage crypto FTX.
Other participants in this round include venture capitalists Pantera Capital, Sequoia Capital and giant Andreessen Horowitz (a16z).
The $21 million “series A” round followed the company’s “seed” round (to boost its growth), also led by Lightspeed, in which Faraway raised $8 million.
With the investments of early rounds guaranteed, the company plans to launch its flagship browser-based game, titled “Mini Royale: Nations”. The company has said it will be Solana’s first live multiplayer game.
By producing browser-based video games and eliminating the need for stricter prerequisites for the gaming industry, the company said it hopes lower barriers to entry will encourage mass take-up among online gamers.
“We believe the browser is the most ideal platform for any blockchain game, especially in the short to medium term,” said Alex Paley, CEO of Faraway, who added:
Our players don’t need to worry about platform owners suddenly banning us from playing on their platform, as we’ve already begun to see among big platform owners.
Faraway’s $30 million fundraiser is also the latest in a series of venture-led investments into blockchain game startups amid the growing popularity of the metaverse concept .
Recently, game startup Mythical Games completed a $150 million “C series” round (to help with new product development), led by a16z.
The Sandbox, a game company based on non-fungible tokens (NFTs), also got $93 million, in a round that had big investors like SoftBank.