CryptoKitties Raises $12 Million in Series A Financing Led by Andreessen Horowitz
CryptoKitties, one of the first games built on the Ethereum blockchain, announced Tuesday that they closed a Series A financing round of $12 million, led by Silicon Valley venture capital giant Andreessen Horowitz. Developed by blockchain startup Axiom Zen, CryptoKitties allows users to purchase, collect, breed and sell various types of virtual cats. With the financing, CryptoKitties will be spun out of Axiom Zen, retaining 20 employees from the parent company.
A spokesperson for Axiom Zen said CryptoKitties aims to “make blockchain technology accessible and relevant to everyday consumers,” and believes “digital collectibles can act as a constellation for identity and self-expression.”
Each CryptoKitty is unique and distributed automatically at a rate of one every 15 minutes via smart contracts. CryptoKitties are represented via a non-fungible ERC-721 token, and their value can appreciate or depreciate based on the market. The underlying value of CryptoKitties is driven by scarcity, as there are only 4 billion possible types of Kitties based on the 256-bit genome.
In addition to Andreessen Horowitz, investors in the Series A include Coinbase co-founder Fred Ehrsam, CEO and AngelList founder Naval Ravikant and senior figures at BitFury, Y Combinator, Tinder, Earn.com, Lending Home, Compound VC and Entrepid.
Cryptokitties, which is like Beanie Babies on the blockchain, just got $12 million from Andreessen Horowitz
"The funding is led by Fred Wilson at Union Square Ventures and Chris Dixon at Andreessen Horowitz…"https://t.co/88JOIEpWdk
— Frank Chaparro (@fintechfrank) March 20, 2018