Australian open-source video games maker Immutable raises $15m in Series A round

Immutable founders, James and Robbie Ferguson.

Sydney-based open-source video games maker Immutable announced that it has raised $15 million in a Series A funding round to help finance the buildout of its platform and accelerate the development of its flagship game trading card game Gods Unchained.

The funding round was co-anchored by Naspers Ventures, a unit of global internet group Naspers, and Galaxy Digital EOS VC Fund, a partnership between blockchain-focused merchant bank Galaxy Digital and open-source blockchain protocol publisher Block.one.

Boutique investment advisory firm Apex Capital Partners also backed the funding round, according to the statement.

Immutable, formerly known as Fuel Games, operates the Immutable Platform, an open-source blockchain toolkit that allows developers to create ownable in-game items like cards, skins, weapons, and more, for their third-party games.

These digital assets can also be freely exchanged on peer-to-peer marketplaces.

“We are building foundational products and technology to make true ownership of digital objects a new normal,” said Immutable CEO James Ferguson.

The latest round of financing, he added, will help the company accelerate the speed and direction it needs to achieve its goal.

Commenting on the investment, Banafsheh Fathieh, principal and early-stage investment lead at Naspers Ventures, said the group believes huge economic value can be unlocked in digital worlds using blockchain technology to bring true digital asset ownership to games.

“Naspers Ventures partners with innovative entrepreneurs in high growth-markets access the globe and we recognise the potential that blockchain technology has to radically transform most industries in the future, including games,” Fathieh said.

The startup raised a seed round last year led by Continue Capital and Nirvana Capital and backed by Sora Ventures and US digital currency exchange Coinbase. Its first game, Gods Unchained, is still in beta and has already sold more than 4 million cards, generating over $4.5 million in revenue.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.