Dapper Labs, the masterminds behind the well-loved Ethereum game. CryptoKitties – has raised over $15 million courtesy of a funding round spearheaded by financial powerhouse. Venrock.
Ever since emerging onto the scene in February 2018, Dapper Labs has aimed to revolutionize gaming with decentralized systems, attracting investments from the likes of Coinbase, Reddit, Union Square Ventures, and Andreessen Horowitz.
Besides backing from Venrock, the funding pool of Dapper Labs has seen contributions from juggernauts like Google Ventures and Samsung NEXT. Having only been around for less than a year, the firm’s fundraising achievements are impressive, totalling more than $27 million.
Dapper is channeling the newly raised funds to broaden both its local and international reach, planning to set up a branch in the U.S. managed by former Disney leaders.
Bringing the “Big Boys” Aboard
Additionally, the Canadian headquarters is bringing in top talent from renowned companies such as Ubisoft, noted for hits like 'Assassin’s Creed', along with Amazon, EA Sports, and Hasbro. Their vision is to mainstream blockchain technology in gaming.
Roham Gharegozlou, who helms Dapper Labs, elaborates on their goals:
Dapper Labs’ mission is to harness games and entertainment to democratize the advantages of decentralization to vast audiences globally, driven by a belief that the emergence of true digital ownership and smart contract interoperability offers exciting new ways for interactions without intermediate agents. This funding round was about securing ideal partners to deliver stimulating blockchain content and ensure scalable infrastructure for broader adoption.
People Love Crypto – and Kitties
CryptoKitties remains a standout in their lineup, generating over $10 million from close to 3.2 million transactions since its debut about a year ago. The company made headlines by eschewing the usual ICO path, opting instead to develop a groundbreaking product that highlighted blockchain benefits extending beyond mere cryptocurrencies, even attracting blockchain newcomers.
As the creator of the ERC-721 standard, Dieter Shirley, CTO of Dapper Labs, states: non-fungible tokens (NFTs) on Ethereum, comments:
We introduced CryptoKitties to illustrate blockchain’s consumer benefits, beginning with something enjoyable and accessible to engage a diverse demographic. We’ve identified various pathways and challenges in integrating decentralized technology into the mainstream and eagerly anticipate leveraging consumer insights to simplify blockchain adoption for all.
Setting the Standards
Following CryptoKitties' storming entrance into the gaming scene, Dapper Labs has unveiled a new developer initiative and public API, allowing NFT owners and developers the liberty to engage with original artwork. Additionally, they’ve set the stage for a launchpad and seed fund to empower third-parties to create sustainable platforms within their ecosystem.
David Pakman, a general partner at Venrock now on the board of Dapper Labs, shares his insights on the company’s promising vision:
Dapper Labs stands out in comprehending and reaching the mainstream market more effectively than any peers. The advent of digital scarcity via blockchain will spark new self-expression avenues and, along with the shift from centralized to peer-to-peer exchanges, unlock immense value potential for consumers.
