MyPrize, an online crypto casino that supports multiplayer games, has recently come out of stealth mode after securing $13 million in funding. This funding, obtained through two rounds, has valued MyPrize at $140 million, considering its fully diluted equity capitalization and the implied value of warrants.
According to Zach Bruch, co-founder of MyPrize, the funding rounds consisted of a $5 million round in October and an $8 million round this month, both structured as equity with token warrants. Notably, MyPrize does not classify these rounds with formal names like pre-seed or seed.
Dragonfly and Boxcars Ventures led the two rounds respectively, with contributions from a range of investors including a16z Scout, Mechanism Capital, Arrington Capital, Breed VC, JST Capital, 2 Punks Capital, and several others.
Notable angel investors such as Luca Netz from Pudgy Penguins, Peter Smith from Blockchain.com, Jeff Feng from Sei Labs, Steve Rosenthal from Jack Entertainment, and Spencer Noon also participated in the funding.
What is MyPrize?
MyPrize is a web3 gaming startup that integrates streaming features, enabling users to play and collaborate in multiplayer games.
“MyPrize takes the enjoyable aspects of existing single-player online gaming and makes them multiplayer,” explained Bruch.
Before co-founding MyPrize, Bruch was involved in Recur, an NFT platform that ceased operations last August due to unforeseen challenges and shifts in the business landscape. Despite its closure, Recur had raised $50 million with a valuation of $333 million in a round led by Digital, a metaverse investment fund associated with billionaire Steve Cohen’s family office.
Following Recur’s shutdown in August, Bruch established MyPrize in September. The platform is launching today in early access mode and will undergo several weeks of testing before its full launch, expected in the second quarter of this year.
MyPrize operates two websites: one for U.S. users, offering free-to-play social casino games, and another for global users, featuring a real money crypto casino experience.
MyPrize Points
MyPrize has also introduced its rewards program, offering early users XP points. Users on both the U.S. and global sites can earn XP points and participate in a prize pool of $100,000.
“Prizes are primarily awarded based on the number of referrals a user has,” Bruch explained.
Regarding the conversion of XP points into MyPrize’s token, Bruch refrained from commenting on the token model at this stage.
