Mobile games platform Ryu Games has secured $2.3 million in funding.
The round featured participation from Velo Partners, Citta Ventures, MGV Capital, INP Capital, Side Door Ventures, and 500 Startups.
"We believe cash tournament gaming is becoming an established category within the gaming sector and is already seeing explosive growth among players," said Velo Partners Evan Hoff.
"Ryu Games is uniquely positioned with its innovative and scalable platform to capture a material slice of this market.
"What we particularly like about Ross and the team is their understanding of the inherent social characteristics of gaming, and their approach to product is built around that proposition. We are extremely excited for the journey ahead."
Ryu Games specialises in esports, meaning it offers cash prizes for competitive tournaments. As such, it will use the money to grow, building upon its offerings when it comes to competitions.
The cash tournaments that it offers have a focus on hypercasual titles with social features integrated. For example. The games platform includes in-game chat and match-history.
Having launched its SDK in September 2020, it has released several games on the App Store, including Bingo Boost and Hit 1000.
"Real money esports tournaments on mobile games have exploded in popularity over the past few years," said Ryu Games CEO Ross Krasner.
"We want to bring these players social functionality that gamers on other platforms have grown to expect. This round of funding will allow our team and our developer partners to bring our winning twist on cash tournaments to a broad audience through a carefully curated catalogue of titles."