SkyBridge Capital Leads Series A Funding Round for Leading Metaverse Company Vulcan Forged
Vulcan Forged, ("the Company") a leading blockchain game studio and decentralized application ("dApp") incubator, announced today that it has secured Series A funding led by SkyBridge Capital ("SkyBridge"), a global alternative investment firm specializing in cryptocurrencies, digital assets, fintech and venture capital.
SkyBridge led the $8 million round, which includes the option to invest an additional $33 million. This funding aims to further accelerate the growth of Vulcan Forged's patented metaverse-as-a-service engine, MetaScapes, and enable the company to scale operations in North America and existing key markets.
Building on the success of their hit web3 gaming titles like VulcanVerse, Forge Arena and Berserk, Vulcan Forged is launching a patented metaverse-as-a-service engine, MetaScapes, that allows users to design and build their own metaverse land and store that data in a non-fungible token (NFT). This innovative technology empowers gamers to create their own metaverses with the click of a button and experience the power of creating virtual worlds without any coding required. MetaScapes is the result of multiple years of development work and, once launched, the company expects the product to compete with the expansive world of the popular game, Minecraft.
"Vulcan Forged has experienced rapid organic growth over the last two years—having expanded from two employees to over 130 and attracting over 200,000 users across 15 games and dApps without outside capital," said Jamie Thomson, Founder and CEO of Vulcan Forged. "As we look to expand into new markets like North America and open our office in New York City, we believe that now is the perfect time to capitalize on our momentum with a strategic investment from Anthony Scaramucci and his team at SkyBridge Capital."
SkyBridge's investment in Vulcan Forged is part of the firm's plan to invest in the emerging web3 gaming and metaverse space as the sector matures and shows significant adoption and traction. In addition to helping scale Vulcan Forged's operations in North America, this investment also aims to supercharge the MetaScapes engine with additional resources through talent and capital.
"Jamie is a brilliant entrepreneur and has impressed me as he bootstrapped Vulcan Forged from a small startup to a top 10 metaverse project in the last two years, with a strong commitment to their growing community," said Anthony Scaramucci, Founder and Managing Partner at SkyBridge Capital. "Vulcan Forged and their MetaScapes engine are well-positioned to completely disrupt the legacy gaming and entertainment industries and we are excited to help take them to the next level."
In 2021, Vulcan Forged created Elysium, its own proprietary proof-of-stake blockchain that was purpose-built for gaming, dApps and other metaverse activity with fast transaction speeds and low gas fees. In addition to Ethereum Virtual Machine compatibility, Elysium is carbon-neutral through its partnership with Coorest, which uses tokenized trees to offset its energy consumption and environmental impact. The more the Elysium blockchain is used, the more trees are planted over 5,000 acres of land in Spain and Greece, reserved specifically for this purpose.