Singapore, Singapore, July 17th, 2024, FinanceWire
MON Protocol, a leading Web3 publisher of intellectual property (IP) and games, launches a new investment fund MON Ventures with 500 Global as the lead investor. The fund, led by a team of former senior executives from Ubisoft, Sony, Activision, Warner Media, Bandai Namco, and Electronic Arts (EA), will empower blockchain gaming studios across the world, investing in seed and pre-Token Generation Event (TGE) stage blockchain applications, with a particular focus on gaming and infrastructure.
MON Protocol is a Web3 gaming and IP publisher that has built a massive community of Web3 gamers and fans. The community pre-sale of the MON Protocol Token hit 100% of its required allocation within 8 minutes, raising a total value of US$7.1 million at the time of the sale.
The formation of MON Ventures comes just weeks after MON Protocol’s TGE for $MON, a key strategic initiative towards realizing their vision of a diverse Web3 IP universe experienced by consumers through storytelling, gaming, and collector culture. As the publisher of choice for Solana, Aptos, Immutable, and Seedify Fund, MON Protocol has connected a vast network of blockchain-native games and IPs, enabling them to reach larger bases of gamers and fans. The team has onboarded over 70 partner games to date, including AETHIR, NYAN Heroes, AVALON, Cross The Ages, and is projected to reach over 100 partner games before the end of 2024.
In addition to providing direct funding to Web3 gaming studios and startups, MON Ventures also values collaborations within the ecosystem. Amongst its first partners and backers are 500 Global, a multi-stage venture capital firm that has invested in companies such as Reddit, Sky Mavis, Solana and over 35 companies valued at over US$1 billion (as of 31 March 2024). 500 Global has been one of the most active venture capital firms in the world, according to Pitchbook.
Dapp Industry Report Q1 2024 reported that blockchain gaming continues to command the largest share of the industry’s activities, attracting around 2.1 million daily unique active wallets solely in Q1 2024. In addition, Markets and Markets forecasted blockchain gaming revenue to grow by a CAGR of 70.3% between 2022 and 2027, rising from USD 4.6 billion to USD 65.7 billion globally. Along with a notable upward shift in the blockchain investment landscape throughout this year, it marks an opportune time for the launch of MON Ventures to accelerate this growth.
Giulio Xiloyannis, co-founder of MON Protocol shares, “MON Ventures marks a major milestone for MON, and we are excited to be partnering with a leading multi-stage firm like 500 Global. We are long-term believers in the blockchain enabled gaming space, and the structure of MON Ventures supports our vision to continue expanding as a premier Web3 publisher, forming a network of cross-pollinating blockchain-native consumer and gaming IPs that will reap hyper-growth benefits through mutually beneficial network effects.”
Khailee Ng, Managing Partner at 500 Global adds, “I see game developers as entrepreneurs too; creating exceptional gaming experiences help build sustainable, scalable business models. That’s a key factor for gaming studios to succeed. Southeast Asia is a vibrant epicenter for gaming technology innovation that is primed for growth. We’re excited to fuel the creation of tomorrow’s Web3 gaming tech giants, going beyond investing capital to providing access to a global network of industry connections crucial in the early stages for long-term success.”
ABOUT MON PROTOCOL
MON Protocol is a leading publisher of blockchain-native IPs and gamers. MON Protocol launched with the Pixelmon gaming IP as its founding partner and has since built a large community of web3-savvy gamers and fans. Its platform enables blockchain-native projects to reach larger bases of gamers and fans.
MON Protocol’s investors include some of the most prominent VCs and builders in the web3 gaming industry, such as the Inevitable Gaming Fund, Foresight Ventures, Delphi Ventures and The Spartan Group, as well as angel investors and founders such as Robbie Ferguson of Immutable, Gabby Dizon of Yield Guild Games (YGG) and Ray Chan of 9GAG.
For more information on MON Protocol: