Layer 1 blockchain platform XPLA has secured an undisclosed amount of funding from Singapore-based investment firm Play Ventures.

The strategic investment signifies a milestone for XPLA by positioning the platform towards accelerated growth within the gaming industry and “shows a shared vision for the future of Web3 gaming."

“As we embark on this exciting journey with Play Ventures, we are confident that their financial support, strategic guidance, and industry expertise will be instrumental in steering XPLA toward even greater success," XPLA wrote in a post.

The blockchain platform went on to say that with Play Ventures' support, its goal is to foster innovation and explore new frontiers within the Web3 gaming realm. Adding that its shared vision allows it to capitalize on opportunities and address challenges with efficiency and effectiveness.

Seeking new partnerships

“Together, we aim to deliver an outstanding Web3 experience and solidify our position as a blockchain with immense potential," said XPLA. XPLA also says that it is actively seeking out new partnerships to further grow its ecosystem and is open to “collaboration opportunities".

Play Ventures has been making a series of investments in the last couple of years after announcing last year that its debut Fund I has distributed 150% return to investors in less than four years.

Since its inception in 2019, Play Ventures has invested in more than 100 gaming companies, ranging from studios to service providers. Apart from financial support, the investment firm also provides strategic counsel, and industry expertise to startups.

The Singapore-based firm has a team of seasoned investors and gaming industry experts that help in “identifying promising startups and fostering their competitive advantage".