Brazilian Web3 dev Jungle raises $6 million in funding round

Web3 mobile shooter expected to launch later this year

Date Type Companies involved Size
March 13th, 2023 investment Bitkraft Ventures
Brazilian Web3 dev Jungle raises $6 million in funding round

In aims of developing its first mobile shooter, Brazilian company Jungle has raised $6 million in an investment round co-led by Bitkraft and Framework Ventures.

The company, based in Sao Paolo, will be using the funds to grow its team ahead of its first mobile shooting game expected later this year, with more designers, artists, engineers and game developers wanted.

The many investors

Jungle’s first shooting game is set to be a Web 3 one, with gameplay as its primary focus. As reported by GamesBeat, the $6 million investment was led by Bitkraft and Framework Ventures, meanwhile other investors included 32bit Ventures, Delphi Digital, Fourth Revolution Capital, Karatage, Monoceros, Norte Ventures, Snackclub and Stateless Ventures.

United by a common purpose of developing and publishing blockchain games, Jungle’s founders Joao Beraldo, Giulio Ferraro, and Lucas Kertzman started the company with an interesting approach; Jungle acquires IP from established companies and develops a go-to-market strategy for games with Web 3 distribution and monetisation.

"We are committed to creating fun-first hybrid games that are mobile-first and blockchain-enabled," said Beraldo. "For Web 3 gaming to reach its full potential, developers must create games where players come for the product experience and stay for the open economy. The inverse model – the current state of the industry – will not get us to mass adoption. To reach new audiences and expand the market, we’ll need to do better as an industry.”

Framework Ventures principal Brandon Potts commented: "We find Jungle’s approach towards acquiring and optimising preexisting games really refreshing. By taking advantage of underutilised IP, we think Jungle could avoid the need to reinvent the wheel when it comes to Web 3 game development."

Bitkraft Ventures partner Carlos Pereira said: "We are excited to grow our investment portfolio in Latin America, a region full of some of the world’s most avid and passionate gamers. I’m confident this team will put Web 3 in Latin America on the map."

The games industry is clearly on the rise in Brazil, with the country having seen a 20 percent increase in in-app spending in 2022.

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