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From Stealth to Seed: Ethlas Raised US$2.7 Million in Just Three Months

By 2nd May 2023May 15th, 2023No Comments

Backed by the likes of Sequoia Capital India and execs from Coinbase, CoinMarketCap and more, Ethlas is the first investor-backed Game-Fi startup from Singapore, and will mint its genesis NFT series in the coming weeks.

Ethlas, a Singapore-based game finance (game-fi) blockchain startup, has raised a whopping US$2.7 million in seed funding from a group of high-profile investors. The investors include Sequoia Capital India, Yield Guild Games Southeast Asia, Global Blockchain Innovative Capital, Venturra Capital, Play It Forward DAO, Blockchain Space, Genesis Fund, Deus Ex DAO, Hustle Fund, and executives from Grab, Coinbase, Switcheo, and CoinMarketCap.

Back in early 2022 when Singapore-based game finance (game-fi) blockchain startup Ethlas made waves in the tech world. The startup, which launched quietly in November 2021, secured an impressive US$2.7 million in seed funding from a group of notable investors, making it the first game-fi startup founded in Singapore to have secured serious investor money.

Built on the Polygon blockchain, Ethlas quickly gained traction with over 100,000 crypto-wallet users globally and three million gameplays on its platform as of end-January 2022. Ethlas’s rapid scale and product market fit were the key reasons for its seed fundraising success.

What sets Ethlas apart from other game-fi platforms is that it is free-to-play, play-to-earn, helping the average person win and cash in cryptocurrency by participating in simple, easily-understood casual games. Unlike platforms with high barriers to entry, requiring subscription fees or upfront capital, gamers can start playing on the Ethlas metaverse on a PC or mobile phone’s browser by installing MetaMask, a software crypto wallet, or linking their wallets, without any complicated onboarding rules or hefty subscription fees.

With their conviction that Web 3.0 will be powered by cryptocurrency and its social impact, Ethlas’s founders left their well-paying jobs to build the platform, inspired by the potential of game-fi when they read about Filipinos earning more money from playing games on game-fi platforms than from their day jobs. Ethlas’s moonshot vision is to make crypto inclusive and accessible by onboarding the next billion non-crypto users onto the Ethlas metaverse. The startup also plans to work with regulators to develop a framework for game-fi as it believes regulations and consumer education are key to facilitating the growth of this currently nascent but immense game-fi ecosystem in a safe and controlled manner.

Ethlas’s successful seed fundraising and rapid growth in the game-fi space cemented its position as a promising startup to watch in the tech world, with VCs showing confidence in the fledgling tech company.

For more information on Ethlas and its upcoming $ELS launch:

Ethlas Social Channels

Twitter : https://bit.ly/ethlas-twitter-bt

Discord: https://bit.ly/discord-ethlas-bt

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