The gaming and entertainment-focused web3 infrastructure firm Nefta earned $5 million in a seed funding round.
Play Ventures took the lead in the round by investing $2.5 million, the single largest investment from its Future Fund. Polygon Ventures, SevenX Ventures, Sfermion, and Picus Capital were other investors in the round.
According to founder and CEO Geeshan Willink, Nefta is now valued at $32.5 million. That represents a 225% increase in its value over the previous eight months. When Nefta obtained $1 million in pre-seed capital from Picus Capital last June, it was valued at $10 million, according to Willink.
Willink claimed that Nefta wasn't formally raising the seed round and that SevenX Ventures had initially approached the company in October. We received a term sheet to follow in our seed round after that chat, and then we received the lead term sheet from Play Ventures, he added. Following additional investor meetings, Nefta concluded the round in January.
Proposal from Nefta
The startup was established a year ago to offer resources to companies wishing to enter and develop in the web3 market. To assist businesses in integrating digital assets, multi-chain wallets, and customized marketplaces, these solutions include specialized APIs, software development kits, and white-label services. Willink stated:
"We've seen great demand for our products over the last 12 months, and we'll continue to scale our offering in accordance with this demand."
Nefta now employs eight individuals, and Willink intends to more than quadruple that number soon. He is now hiring for positions in a variety of fields, including technology, account management, and business development.
With the seed round, Nefta has now received $6 million in funding. Kenrick Drijkoningen, general partner at Play Ventures, will join the Nefta board as part of the agreement, according to Willink.