Portfolio News
August 23, 2022

Magicave Raises $6.4m

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Digital toy, game and hobby startup Magicave has raised $6.4 million in funding.

A majority of the funds come in the form of a successful seed round. The round, led by BITKRAFT Ventures, Fabric Ventures, Geometry and Sferion, ended with a total of $5.675 million.

Founded by game industry veterans Harry Holmwood (CEO), Ste Curran (Creative Director) and Ed Thorley (CTO), Magicave is crafting digital hobbies centred around beautiful, playful, tactile virtual items, which sit at the heart of an ecosystem of games, apps, players and creators. The company's first project, dN(short for ‘d-Number’), marries collectible virtual dice with figures, tiles, stories and worlds, making innovative use of game and blockchain technology to nurture a truly unique digital hobby. 

An example of Magicave's Digital Dice

“We believe that blockchain technology, and the decentralisation and flexibility it offers players and creators, has the potential to create a new way of thinking around games: object-oriented, just as joyful and, crucially, consumer-owned. We’re assembling a world-class team of game developers, artists and designers to build hobbies at the forefront of gaming and web3. Raising a substantial round from such respected investors gives us the time, and expertise, to build something really exciting" commented Holmwood. 

Nico Vereecke, Investor at BITKRAFT Ventures added, “From our first meeting it became clear that Magicave's approach to Web3 is unlike any we've seen in the industry. Instead of using Blockchain as an economic layer, Magicave uses it to turn digital items into something fascinatingly close to physical toys. We’re excited about what this team has already achieved and what it will go on to do with our backing.”

Concept backed Magicave during their pre-seed round in 2021, and are delighted to support them on the next steps in their journey.

Article first published at: https://venturebeat.com/2022/07/27/digital-hobby-startup-magicave-receives-new-round-of-funding/